The Hindu Business Line : Physical verification of imported goods by excise officials goes

New Delhi May 30 Export-oriented units (EOUs) which import raw material or procure it from the domestic market and await clearance by Central excise officers for physical verification could now breathe easy with the Revenue Department waiving this rule for EOUs having physical export turnover of Rs 15 crore.

The recent notification issued in this regard by the Directorate General (Export Promotion), Revenue Department, would go a long way in procedural simplification, and cut down transaction cost to exporting units as this would enable them to utilise imported raw material/indigenously procured raw material without delay.

Till this waiver notification is issued, the EOUs had to wait from three days to a maximum period of three weeks for physical verification of imported consignment by the revenue officials.

While welcoming this waiver, the Director General of the Export Promotion Council for EOUs and SEZ units (EPCES), Mr L.B. Singhal told Business Line here that this practice of self-bonding/warehousing of imported/indigenous goods by the EOUs applicable in the case of EOUs with a physical turnover of Rs 15 crore or above should be extended to EOUs with export turnover of Rs 5 crore or above, as well as for all status holders.

CT-3 certification

In another notification, the Revenue Department has clarified that the Directorate General (Export Promotion) has instructed all Chief Commissioners on May 28 that the procedure for issue of CT-3 Certifications, including pre-authenticated booklet of CT-3 Certificates, remains unchanged.

CT-3 certifications are issued to EOUs for processing goods from domestic market without payment of duty. EOUs are being issued pre-authenticated booklet of CT-3 certifications to prevent them from approaching Central excise authorities repeatedly.

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Physical verification of imported goods by excise officials goes