BANK GUARANTEE EXEMPTION UNDER ADVANCE AUTHORIZATION

 

Customs Department extending the exemption for the execution of Bank Guarantee (BG) based upon the export turnover, quantum of duty, tax paid, etc. vide earlier circular No. 58/2004-Cus dated 21.10.2004 as amended vide circular Nos. 17/2009-Cus dated 25.05.2009, 32/2009-Cus dated 25.11.2009, 06/2011-Cus dated 18.01.2011, 08/2013-Cus dated 04.03.2013 and 15/2004-Cus dated 18.12.2014 in view of the implementation of GST from 01.07.2017 has now issued Circular No. 31/2019-Cus dated 13.09.2019 which devised the norms for BG under Advance Authorisation, DFIA & EPCG scheme.


The manufacturer exporters/service providers are eligible to claim exemption from furnishing Bank Guarantee under the following two situations:

  1. Manufacturer exporters/Service Providers registered with the GST authorities (Centre/State/Union Territory) who have been exporting during the previous two financial years and have minimum export of Rs. 1 crore or more during the preceding financial year.
  2. Manufacturer exporters/Service Providers registered with the GST authorities (Centre/State/Union Territory) who have paid GST of Rs.1 crore or more during the preceding financial year.

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BANK GUARANTEE EXEMPTION UNDER ADVANCE AUTHORIZATION

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