Parallel provisions for home consumption :

In these circumstances, in addition to the concept of “clearance for home consumption” the concepts of “clearance for deposits in a warehouse” and “clearance for home consumption from the warehouse” came into being. As a result of the above, parallel provision had also been made corresponding to clearance for home consumption. The examples are: –

Section 46(1): The importer of any goods, other than goods intended for transit or transhipment, shall make entry thereof by presenting to the proper officer a bill of entry for home consumption or warehousing in the prescribed form.

Section 15(1): The rate of duty and tariff valuation, if any, applicable to the imported goods shall be the rate and valuation in force-

(a) in the case of goods entered for home consumption under section 46, on the date on which a bill of entry in respect of such goods is presented under that section.

(b) In the case of goods cleared from a warehouse under section 68, on the date on which a bill of entry in respect of such goods is presented.