The Central Board of Indirect Taxes and Customs (CBIC) has amended the notification exempting gold and silver imported under specified schemes dated 8th May, 2000 in order to apply Import of Goods at Concessional Rate (IGCR) Rules.
The notification issued on Wednesday seeks to amend notification No. 57/2000-Customs, dated the 8th May, 2000 to apply IGCR Rules with effect from 01.10.2022.
An importer who intends to import goods at a concessional rate of duty shall give a one-time prior information of such goods being imported. This information shall be provided on the common portal in form IGCR-1.
As per the notification, “(i)after the fourth proviso, the following proviso shall be inserted, namely: – “Provided also that the importers and the exporters, who are receiving the supply from the importers for the intended purpose, shall follow the procedure, as applicable, in the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017, as amended from time to time, with effect from the 1st October, 2022:”; (ii)in the fifth proviso, for the words, figures, brackets, letters, and symbols, “Policy Circular No.77(RE-2008)/2004-09 dated the 31st March, 2009” the words, figures, brackets, letters, and symbols, “Policy Circular No. 39 (RE-2010)/2009-14, dated the 19th August, 2011, para 4.41 of the Foreign Trade Policy (2015-20) and para 4.94 of the Hand Book of Procedures (2015-20), as applicable and” shall be substituted.”
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