Duty Paid Warehouse and Bonded Warehouse
Solution:
Duty paid Warehouses | Bonded Warehouses |
Meaning: If an importer faces any problem in the transportation of goods, after making payment of duty, then goods can be stored at a duty-paid warehouse. | Bonded warehouses are licensed by the government to accept imported goods for storage until the payment of customs duty. |
Control: All duty paid warehouses are public warehouses that are available to all importers. | These warehouses work under the control of customs authorities. |
Classification: Duty paid warehouses help the importer as proper care of goods is taken, processing of goods can be done like sorting, re-packing, etc. | The goods are held in bond and cannot be withdrawn without paying the customs duty. |
Location: These are located near the port & dock area. | These are located near the dock area and if an importer is unable or unwilling to pay customs duty immediately then he can store the goods in a bonded warehouse. |
Used : Such warehouses are more useful for the re-export of the goods. | The importer can withdraw the goods in installments by paying the customs duty proportionately. |
