Reach to our expert Mr. Kapish @ +91 9971770603
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Who can apply?
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Persons already having a licenced private bonded warehouse under Sec. 58. Others can apply simultaneously under Sec. 58 & Sec. 65.
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Permission can be obtained for any premises. Such premises must be added as an additional place of business under GST.
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The existing factory premises can also be applied for as a warehouse.
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A person who is not at all exporting can also apply.
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The scheme benefits various manufacturers and global online retailers having e-commerce business which also covers operations such as packing, labelling and repacking.
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Benefits
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Imported inputs, can be brought into the warehouse without payment of Customs Duties (BCD and IGST) and stored in the warehouse.
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If the imported goods are exported (either as such, after subjecting to manufacturing or other processes), no need to pay Customs duties on the imported inputs.
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Capital goods can also be imported and brought to the warehouse without payment of Customs Duties, which shall be payable only when the capital goods are removed from the warehouse.
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No need to pay any interest till the permitted warehousing period.
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Paves way for greater cash flow.
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Self-appointed warehouse keeper and no physical control by “Bond officer”.
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Warehousing period
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Capital goods – till they are cleared from the warehouse.
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Other than capital goods (inputs) – till their consumption or clearance from the warehouse.
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(At the time of clearance of the resultant products – Para 8 of Circular 34/2019).
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For trading though warehousing period is one year, interest payable after 90 days.
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Treatment of waste
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Waste attributable to the final products cleared for home consumption.
- Waste attributable to the final products exported.
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Clearance of warehoused goods for home consumption
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Clearance of warehoused goods for Export
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Maintenance of records
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Maintain detailed records of receipt, handling, storing and removal of goods into/ from the facility as per Annexure B.
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Keep record of each activity, operation or action taken in relation to the warehoused goods.
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Keep record of drawl of samples from the warehoused goods.
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Keep copies of the following documents:
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Bills of Entry
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Transport documents
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Forms for transfer of goods from warehouse
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Shipping Bills
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Bills of Export
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Any other documents indicating receipt/ removal of goods from the warehouse
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Update records and accounts accurately and preserve for a minimum 5 years from the date of removal of goods from the facility.
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Preserve updated digital copies of records at a place other than the facility to prevent loss of records due to natural calamities.
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File monthly returns within 10 days of closing of the month