Import of Goods at Concessional Rate of Duty Rules, 2017 (IGCR)
November 05, 2024
Import of Goods at Concessional Rate of Duty Rules, 2017 (IGCR)
CBIC has prescribed IGCR, 2017 for the importers who intend to avail an exemption notification issued under sub-section (1) of section 25 of the Customs Act, 1962 where the benefit of such exemption is dependent on the use of imported goods covered by that notification for the manufacture of any commodity or provision of output service.
Eligibility Criteria
- In order to ensure that goods imported are used for their intended purpose, the importers need to comply with the procedure laid down in the customs (IGCR), Rules.
- Manufacturer Importer and Merchant who tied up with supporting Manufacture also eligible to take IGCR benefit.
Compliance
- Prior Intimation by importers on the intent to avail the scheme along with certain basic details such as location, manufacturing process, details of goods to be imported etc.
- Submission of Bond and Bank guarantee for undertaking to pay the differential duty along with interest in case where the goods are not used for the intended purpose.
- Self-keeping of Records on the activity undertaken in the factory
- Monthly return to be submitted by email on the goods utilization.
- Provisions have been prescribed for re-export or clearance of the goods in the domestic market in case where the goods are not put to the intended use.
