The Government vide. Notification No. 74/2022-Customs (NT) dated September 9, 2022, has notified the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 ('IGCR-SEU Rules').
The Central
Board of Customs and Indirect Taxes (‘CBIC’) has also issued the Circular
No. 18/2022-Customs dated September 10, 2022, in this regard.
These rules are
notified in supersession to Customs (Import of Goods at Concessional Rate of
Duty) Rules, 2017 ('IGCR Rules').
Key amendments
include:
·
Relaxation in time period
for re-export or clearance of unutilised or defective goods
·
A new Form IGCR-3A has been
notified for consumption of goods which would enable automatic re-credit of
bond
·
The major amendment
pertains to the exemptions granted to importers for supplying the imported
goods to end use recipient.
Some instances
of such exemptions are as under:
Serial No. 259
of the Notification No. 50/2017-Customs dated June 30, 2017
"Raw
materials for use in manufacture of security fibre and security threads for
supply to Security Paper Mill, Hoshangabad and Bank Note Paper Mill India
Private Limited, Mysore for use in manufacture of security paper"
Serial No. 292
of the Notification No. 50/2017-Customs dated June 30, 2017
"(A) All
goods imported for use in, or supply to, a unit for manufacture of paper or
paperboard other than newsprint
(B) All goods,
imported for use in, or supply to, a unit for manufacture of newsprint"
Notification
No. 57/2017-Customs dated June 30, 2017
Multiple
entries relating to end-use
| Remarks
The IGCR-SEU
Rules is notified to provide the compliance procedure for importers who were
not actually using the imported goods but availing the benefit under erstwhile
IGCR Rules.
Further clarity
needed for reporting of capital goods, in the months succeeding the month of
their installation. The current Form IGCR-3 or IGCR-3A seems to cover only the
raw materials.
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