DGFT Prohibits Free Import of Screws of CIF Value under Rs. 129 Per Kg; Notification Out [Read Notification]
The Central Government restricts the duty-free import of screws categorised under HS Code 7318, provided the CIF value does not surpass Rs. 129 per kg
DGFT Prohibits Free Import of Screws – DGFT – taxscan
DGFT Prohibits Free Import of Screws – DGFT – taxscan
As of January 3, 2024, the Directorate General of Foreign Trade (DGFT), through notification no. 55/2023, has restricted the unrestricted import of screws falling under HS Code 7318 in Chapter 73 of Schedule –I (Import Policy) of ITC (HS) 2022, subject to a CIF (Cost, Insurance, and Freight) value not exceeding Rs. 129 per kg. The Ministry of Commerce and Industry has officially endorsed the modification in the import policy and corresponding conditions.
| HS Code | Item Description | Existing Import Policy | Existing Policy Condition | Revised Import Policy | New Policy Condition |
| 73181110 | -Threaded articles: - - Coach Screws- Machine screws | Free | Subject to Policy condition no. 2 and 3 of this Chapter | Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
| 73181190 | Threaded articles: - - Coach Screws --- Other | Free | Subject to Policy condition no. 2 and 3 of this Chapter | Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
| 73181200 | Threaded articles : -- Other wood screws | Free | Subject to Policy condition no. 2 and 3 of this Chapter | Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
| 73181300 | Threaded articles: - Screw hooks and screw rings | Free | Subject to Policy condition no. 2 and 3 of this Chapter | Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
| 73181400 | Threaded articles:-Self- tapping screws | Free | Subject to Policy condition no. 2 and 3 of this Chapter | Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
| 73181500 | Threaded articles :-Other screws and bolts, whether or not with their nuts or washers | Free | Subject to Policy condition no. 2 and 3 of this Chapter | Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
| 73181900 | Threaded articles :- Other | Free | Subject to Policy condition no. 2 and 3 of this Chapter | Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
The Import Policy pertaining to screws, identified under various ITC (HS) Codes - 73181110, 73181190, 73181200, 73181300, 73181400, 73181500, and 73181900, has undergone a revision, transitioning from a status of "Free" to "Prohibited." However, an exception is made for imports, allowing them to be "Free" if the CIF value is equal to or exceeds Rs. 129 per kilogram. In essence, the government has implemented stricter regulations on the free importation of screws, except when they meet the specified threshold value.
To Read the full text of the Notification CLICK HERE
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
