The Central Government, last week notified that Temporary Import of Professional Equipment and Sports Goods under A.T.A. Carnet would be exempted from the levy of customs duty and Integrated Tax.
The Notification stated the exemption is applicable to goods imported under a Carnet guaranteed by the Federation of Indian Chamber of Commerce and Industry in India (hereinafter referred to as FICCI), as per provisions of the Customs Convention on the A.T.A. carnet for Temporary Admission of Goods (A.T.A. Convention) done at Brussels on 8th June 1961.
In order to avail the exemption, the goods shall be owned by a natural person resident abroad or by a legal person established abroad and the importer of the said goods shall be a natural person resident abroad or a legal person established abroad.
Further, the goods imported so, shall be capable of identification on re-exportation. Also, the said goods in all respects conform to the description, quantity, quality, value and other specifications given in the Carnet duly certified by the Customs authorities in the territory of exportation.
The Notification further mandated that the goods shall be exported within a period of two months from the date of importation, provided that if the same goods are re-imported within the said period of two months, the period of two months shall be computed from the date of its first importation under the said Carnet. Further, where the Principal Commissioner of Customs or Commissioner of Customs, as the case may be, is satisfied that it is necessary in the public interest so to do, the said period of two months may be extended for a further period not exceeding two months.
In the event of failure to export the goods within the period specified above FICCI and the importer shall, jointly and severally, be liable to pay the duties of customs leviable on the goods as on the date of import, along with applicable interest, it said.
The Notification also provided that the liability of the FICCI shall not exceed the amount of the duties of customs by more than ten per cent.
However, the exemption is not available to goods imported through the medium of post.
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