Goods Imported for display at fairs and exhibitions – No need of approval to pay duty
As per Notification No. 157/1990-Cus., dated 28th March, 1990, goods imported for display in Government approved fairs are exempted, subject to certain conditions, like the goods have to be re-exported within six months of import. If the goods are not re-exported, the Customs duty has to be paid by the FICCI. However FICCI need not pay the duty if the goods are sold in the exhibition “on payment of Customs Duty with the prior approval of Government of India”. That means if some of the imported goods are to be sold in the exhibition, duty has to be paid with the prior approval of the Government of India. May be this prior approval would take more than six months and now the Government has amended this notification to delete the approval of the Government and to allow sale of the goods “in accordance with any law for the time being in force applicable to such goods and on payment of the duties of customs which are payable in respect of such goods”.
Notification No. 55/2007-Cus., Dated: April 12, 2007