The Hindu Business Line : Warehousing facility for petro products only at port of import

The Finance Ministry has now decided that the warehousing facility for petroleum products would be available only at the port of import and no removal to inland bonded warehouses without payment of customs duty would be allowed.

This decision would, however, not be applicable to goods that are exempted from payment of customs duty in terms of customs notifications or to goods imported by export oriented units, units in software technology parks, electronic hardware technology parks and Special Economic Zones, a Revenue Department circular said.

The Central Board of Excise and Customs has directed filed formations to de-bond the petroleum products lying in warehouses at places in the hinterland (other than the ports) and realise the duty immediately.

Further, field formations have been asked to ensure that there is no-hold up of clearance of petroleum products or any disruption caused in the movement of petroleum products as a result of the withdrawal of warehousing provisions.

At present, oil companies, which import petroleum and petroleum products, deposit the same in the warehouse (bonded tanks) at shore or refinery and then pay duty.

Sometimes, oil companies transfer the warehoused goods from one warehouse to another without payment of duty under Section 67 of the Customs Act with the permission of customs and then pay duty at the destination.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
SriLankan cuts fares to woo Indian passengers

Warehousing facility for petro products only at port of import

Edible oils import up 9 pc

Govt hikes import duty on palm oils; base prices cut

S&P makes open offer for majority stake in Crisil

Selling pressure takes its toll

FMR hikes stake in Infosys

Wagon shortage forces IRFC to borrow less

`Railways not in debt trap'

Contributions to The Hindu Relief Fund