Absolute confiscation vests goods with govt but disposal may include auction, sale or destruction; overvaluation attracts penalties under customs act, while GST export lapses trigger tax liability
Importers can transfer goods via bill of lading endorsement without GST if done before customs clearance, while RBI allows simplified closure of small outstanding IDPMS entries
The CBEC Circular no.38/97-Customs dated 19th September 1997 says that any group company having status recognition as 'export house' under the FTP can give the corporate guarantee
Rule 53 of the SEZ Rules, 2006 has no provision to count any supply from a SEZ unit to a bonded warehouse as earnings for the purpose of NFE calculations
That notification now allows exporters to open foreign currency accounts outside India to receive export proceeds and utilise the funds for making payments for imports
Drawback and Rodtep will be available only against export of goods. At the time of export of goods, one must declare the value of the goods in the shipping bill
Prefabricated buildings fall under the tariff heading 9406. Modular building units of steel fall under the tariff line 94062000. All the items under the heading 9406 can be imported freely
