Circular No. 33/2016-Customs dated 22nd July, 2016 1. AEO-LO Certificate– This certificate may be granted to categories of economic operators other than importers and exporters, namely Logistics Providers, Custodians or Terminal Operators, Customs Brokers and Warehouse For the purpose of this certificate: (i.) the economic operator should fulfill the criteria mentioned at para 3.1 below; and […]
Tax treatment of imported goods stored in a warehouse and sale made therefrom, has always been an apple of discord in Indirect Taxation which continues to trouble our courts very bitterly. It has been witnessed that stand of Department in this issue has remained fairly unchanged as they have always maintained the position that in such situation importers need to pay import duty and comply with the requirement enjoined by other acts and rules / notifications made there under otherwise, such goods will get confiscated under section 111 of the Custom Act, 1962.
