Government Reduces Compliances on Import of Goods

Import of Goods

Central Board of Indirect Taxes & Customs (CBIC) has reduced the compliances required under the Customs (Import of Goods at Concessional Rate of Duty-IGCR) Rules, 2017 and introduced end to end automation of the procedure involved.

It is to provide for procedural safeguards to ensure that the goods imported at a concessional rate of duty, subject to an end-use condition, are used for the purpose specified in the exemption notification.

Importers desirous of availing exemptions linked to these Rules may register on the portal

The changes brought about are summarized as follows:

  • All the intimations for claiming such exemptions can be submitted electronically, through a common portal
  • The various forms in which details need to be submitted electronically have also been standardized and notified.
  • The transaction-based permissions and intimations which were a part of the erstwhile procedures have now been done away with.
  • Instead of a quarterly return, for effective monitoring of the use of goods for the intended purposes, a monthly statement has been introduced. This statement shall also be submitted by the importer electronically on the Common Portal.
  • Accepting the demand of the trade, a specific provision has been introduced clarifying the procedure for allowing imported goods for inter-unit transfer.
  • In order to further ease the procedures, an option for voluntary payment through the Common Portal, as specified in the Rules, is being enabled shortly.

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Knowledge Source :

MCA to Enter Complaints Against Companies in Electronic Register

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