Question
Explain the difference between Bonded warehouse and warehouse for custom duty paid goods.
| No. | Points | Bonded Warehouse | Warehouse for custom duty paid goods |
| $1.$ | Objectives | When importer is not in a position to pay custom duty or imported goods is going to reexport, then goods is stored in this type of warehouse . | After paying the custom duty on imported goods, if it is not going to transported urgently then it is stored in this type of warehouse. |
| $2.$ | Payments of custom duty | Imported goods can be stored without payment of custom duty. | Imported goods can be stored after paying the custom duty. |
| $3.$ | Possession | Before taking possession of the stored goods custom duty has to be paid. | While taking the possession of the goods custom duty is not to be paid. |
| $4.$ | Ownership of warehouse | Either government or the port authority is the owner of this type of warehouse. | The ownership of this type of warehouse is port officer. |
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