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Importance Of Bonded Warehouse

By Author: Brilliant infosys
Total Articles: 21

The warehouse is the place for storing a large number of goods/material that will be sold or distributed later in logistics, a place where product go to from the manufacturer before going to the retailer.
There are different types of warehouses.
1. General warehouse
2. Bonded warehouse
3. Free zone warehouse
4. Chemical (DG/Non-DG) Warehouse
5. Cool Room Warehouse
6. Rental Warehouse

Bonded Warehouse
A bonded warehouse is a secure space where goods liable to import duty and or raw material, utilize in manufacturing of export goods. This process is going to under government. Government issue the licensed to accept imported goods to payment of tax and customs duty. Goods/material cannot be removed from docks /airport till the customs duty is paid.
Some time cargo is release on Bank guarantee (BG)without any duty.utitized such imported product in the manufacturing of export goods. Show exports documents to the concerned customs department and get a release of bank guarantee and surrender your BG (Bank guarantee) to a bank. These types of warehouses can be found around the world, but that country may have slightly different rules it depends on the management regarding how they can operate a bonded warehouse.
Bonded Warehousing System is ideal for companies who need to import goods/material but want to spread the amount of HMRC payments. Value Added Tax and duty are paid on only that product they are ready to shipped for delivery. This helps improve your cash flow as HMRC expenses are linked to actual sales and do not need to be paid in advance.

Following some advantages of Bonded Warehouse
No Duty Payment Required
Storage is often Long-Term
Safe Haven for Restricted Goods
Improved cash flow
No import duty if you’re exporting the goods
Long-Term Options
Ideal for Restricted Items

Total Views: 16Word Count: 300See All articles From Author

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