Bond for Warehousing or Temporary Import of Goods
Prepare a bond for clearing imported goods into a warehouse or for temporary import without paying customs duty and IGST upfront.
What it is
Imported goods can be deposited in a customs warehouse without paying duty at the time of import, under Section 59 of the Customs Act, 1962. The importer executes a bond undertaking to pay the duty, interest and penalties if the goods are not cleared or re-exported as required. Similar bonds are used for temporary imports and other concessional clearances. IGST on imports is levied with customs duty, so it is also deferred until the goods are cleared for home consumption.
When it is used
- Depositing imported goods in a public or private bonded warehouse.
- Temporary import of goods for exhibitions, testing or re-export.
- Clearance under a scheme that requires an end-use or re-export bond.
What the template covers
- Importer name, IEC, GSTIN and address
- Purpose of the bond
- Bond amount
- Undertaking to pay duty, interest and penalty
- Validity
- Authorised signatory
Details you will need
The generator asks for the following. Fields marked with an asterisk in the form are required; the rest can be left blank and filled in later in Word.
Bond
Bond Date; Place; Stamp Paper Value (₹); Bond Amount (₹)
Principal
Principal (Importer) Name; GSTIN; IEC; Principal Address
Bond Details
Purpose of Bond; Valid Until
Signatory
Authorised Signatory Name; Designation
Stamp duty, registration and filing
Under Section 59, the warehousing bond is for a sum equal to three times the duty assessed on the goods, unless the rules provide otherwise. Bonds are executed on stamp paper as required by the State, and customs may require a bank guarantee or other security. Formats change by customs notification and circular, so use the current format from cbic.gov.in or the customs station.
Generate the GST Bond for Warehousing / Import
Fill in the form and download the draft as a Word file. It is a general template, not legal or professional advice; have it reviewed for your facts before you sign or rely on it.
Need this checked against your facts, or the registration or filing that follows (e.g. GST registration or returns)? Contact SKAG and Associates
Related documents
Frequently asked questions
Is IGST payable when goods are warehoused?
No. IGST on imports is paid with customs duty when the goods are cleared from the warehouse for home consumption.
What is the bond amount for warehousing?
Under Section 59 of the Customs Act, three times the duty assessed, unless a different amount is prescribed.
What happens if goods are not removed from the warehouse in time?
Duty, interest and penalty become payable and the bond can be enforced.
This page gives general information for reference only. Laws, stamp duty rates and filing requirements change and differ between States, so confirm the current position for your case. Related: all document templates · free tax calculators · compliance calendar and guides.