Oregon Shipping Order for Warehoused Goods
Description
How to fill out Shipping Order For Warehoused Goods?
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FAQ
05 March 2014 Goods which are brought into India are stored in a custom station. Thereafter, a bill of entry has to be filed by the importer for clearing the goods. This bill of entry is known as bill of entry for HOME CONSUMPTION.
But what makes it different from a regular warehouse is that bonded goods are retained here until the customs duty is paid. These bonded goods are only kept for a defined period of time, during which the duties and taxes should be paid in full.
Clearance of imported goods: The importer of any warehoused goods can clear the goods for home consumption by filing an ex-bond Bill of Entry and after payment of duties etc. in terms of section 68 of the Customs Act.
All importers are required to use the services of a licensed clearing agent. The warehousing period of goods is 270 days except for goods in duty free shops, new motor vehicles, wines and spirits which are warehoused for a maximum of two (2) years.
Clearance for home consumption implies that, the customs duty on import of the goods has been discharged and the goods are therefore cleared for utilization or consumption. The goods may instead of being cleared for home consumption be deposited in warehouse and cleared at a later time.
bonded warehouse is a storage space for goods on which the duty is already paid. They do not have a deferred payment model like bonded warehouses. These warehouses are supervised by the port authorities rather than customs authority.
The relevant date is Date of presentation of Ex-Bond Bill of Entry for Home Consumption. The relevant date is Date of Payment of Duty.
Like a non-bonded warehouse, a Customs bonded warehouse is a secure location at which you can store, export, and import goods. The difference comes down to the warehouse's connection with Customs. Imported freight must be inspected and approved by Customs agents before it can be delivered to its destination.
Form of Bill of Entry. - The Bill of Entry to be presented by an importer of any goods for home consumption or for warehousing or for ex-bond clearance for home consumption shall be in Form I or Form II or Form III, as the case may be.
A bonded warehouse falls under the regulatory supervision of the country's customs agency. When goods are stored in a non-bonded warehouse, an importer must pay taxes on goods received and ensure they are fully inspected immediately.
