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How is the Amount of Customs Bond Calculated?
Under the IGCR (Import of Goods at Concessional Rate of Duty) scheme, the customs bond amount is determined based on various factors to ensure compliance with customs conditions and to secure payment of duties in case of non-compliance.
Key factors include:
- Value of Goods: The bond amount is typically a percentage of the total CIF (Cost, Insurance, and Freight) value of the goods.
- Type of Bond:
- Bond: Calculated based on goods value and applicable duty rates.
- Bank Guarantee: Generally matches the bond amount and must be issued by a bank.
- Purpose of Import: Whether for manufacturing, research, or export affects the bond amount.
- Bond Duration: For time-bound imports (e.g., job work), the bond may vary based on how long the goods stay under the scheme.
- Concessional Duty Eligibility: Full or partial exemption impacts the bond value.
- Risk Profile: Customs may adjust the bond based on the importer’s compliance history.
After the bond is calculated, it must be submitted for customs approval. Once verified, a Bond Number is issued, which the importer uses when filing the Bill of Entry and availing IGCR benefits. This system ensures proper usage of concessional rates and deters duty evasion.
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