Clarification regarding project import
This query is : Resolved
18 February 2012
Who is eligible to avail the benefits of the Project Import(Project Import Regulations, l986)?i.e only main-contractor or its vendor or even its sub-vendor.
20 February 2012
The Scheme : Project Imports are covered under chapter 98 of ITC HS Classification and cover all goods, which are being imported for initial setting up of a unit or substantial expansion of an existing unit. All goods can be assessed under one customs tariff heading thus obviating any disputes with customs with regard to their classification.
Project Import Regulations concessions are available for initial setting up of a Project or for substantial expansion that would result in capacity enhancement by at least 25 per cent. Moreover, import of a single machine is not allowed under Project Import Regulations. Under EPCG scheme, there are no such restrictions.
Under EPCG scheme, you have to obtain EPCG authorisation from the Regional (Licensing) Authority, get the licence registered, execute a bond for due fulfilment of export obligation (along with bank guarantee, if you are not eligible for waiver of that), obtain installation certificate, fulfill export obligation, submit necessary documents to get export obligation discharge certificate from the Regional Authority and submit the same (along with whatever the Customs ask) to the Customs and get the bond and bank guarantee released.
for any info:
http://www.dgft.gov.in
Project Import Regulations concessions are available for initial setting up of a Project or for substantial expansion that would result in capacity enhancement by at least 25 per cent. Moreover, import of a single machine is not allowed under Project Import Regulations. Under EPCG scheme, there are no such restrictions.
Under EPCG scheme, you have to obtain EPCG authorisation from the Regional (Licensing) Authority, get the licence registered, execute a bond for due fulfilment of export obligation (along with bank guarantee, if you are not eligible for waiver of that), obtain installation certificate, fulfill export obligation, submit necessary documents to get export obligation discharge certificate from the Regional Authority and submit the same (along with whatever the Customs ask) to the Customs and get the bond and bank guarantee released.
for any info:
http://www.dgft.gov.in
20 February 2012
Thanks for the reply.But my question is about the parties who are eligible for the benefit.Is only main contractor is eligible or even his vendor is also aligible or even vendor's vendor is also eligible to avail the benefit?
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