The government has waived 2 percent penal surcharge on the goods to be removed from the warehouses from May 17 to June 4. According to a notification issued on Tuesday, the Board has also allowed that overstayed imported goods could be kept in the warehouse up to June 4.
Official sources said that the CBR has extended the warehousing period of overstayed goods, lying un-cleared in all warehouses and also waived the penal surcharge. This measure would facilitate the trade and industry, particularly commercial importers who have not been able to clear their consignments in time on payment of duty and taxes. It would also substantially reduce importers'' cost of doing business.
Under the law, penal surcharge is applicable on goods not cleared for more than six months lying in the warehouses.
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