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Seeks to amend Notification No. 50/2017-Customs dated 30.06.2017

Ref No.: ES/ 115/2017-18                                                                          July 11, 2017

To: Members of the Council

Sub:  Seeks to amend Notification No. 50/2017-Customs dated 30.06.2017

Dear Member,

We wish to inform you that CBEC has issued Notification No.65/2017-Cus dated July 8, 2017 making following amendments in the Notification No. 50/2017-Customs dated the 30th June 2017.

Relevant Extract of the Notification

In the said notification, (i) in the Annexure, after Condition No. 101, the following shall be inserted, namely:-

Condition No.

Condition

“102

The importer, by the execution of bond, in such form and for such sum as may be specified by the Commissioner of Customs, binds himself, -

  1. to pay Integrated tax leviable under section 5(1) of the IGST Act, 2017 on supply of service covered by item 1(b) or 5(f) of Schedule II of the Central Goods and Services Tax Act, 2017;
  2. not to sell or part with the goods, without the prior permission of the Commissioner of Customs of the port of importation;
  3. to re-export the goods within 3 months from the expiry of the period for which they were supplied under a transaction covered by item 1(b) or 5(f) of Schedule II of the Central Goods and Services Tax Act, 2017 out of India;
  4. to pay on demand an amount equal to the integrated tax payable on the said goods but for the exemption under this notification in the event of violation of any of the above conditions.”.

Members are requested to make a note of the above amendments.

Thanking you,

 

V.ANIL KUMAR
EXECUTIVE DIRECTOR

 

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