Budget 2023 : Project Imports (Amendment) Regulations, 2023

Last updated: 01 February 2023

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The Ministry of Finance has issued amendments to the Project Imports Regulations, 1986, effective from 2nd February 2023. These changes specifically exclude solar power plants and projects from the category of 'Any other Plant and Project'. This amendment aims to clarify import regulations for various industrial projects.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
NOTIFICATION
No. 07/2023-Customs
New Delhi, the 1st February, 2023

G.S.R……..(E).- In exercise of the powers conferred by section 157 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following regulations further to amend the Project Imports Regulations, 1986, namely:-

1. (1) These regulations may be called the Project Imports (Amendment) Regulations, 2023.
(2) They shall come into force on the 2nd day of February, 2023.

2. In the Project ImportsRegulations, 1986, in the TABLE, against Sr. No. 4, in column 2, for the words “Any other Plant and Project”, the words “Any other Plant and Project, other than solar power plant or solar power project” shall be substituted.

[F. No. 334/03/2023-TRU]

(Vikram Vijay Wanere)
Under Secretary

Note: The principal regulations were published in the Gazette of India, Part II, Section 3, Subsection (i), dated the 3rd April, 1986, vide number G.S.R. 580 (E), dated the 3rd April, 1986 and was last amended vide number G.S.R. 783(E), dated the 19th October, 2022.

FAQ :

These are new regulations that amend the existing Project Imports Regulations of 1986, coming into effect on 2nd February 2023.

The Project Imports (Amendment) Regulations, 2023, come into force on the 2nd day of February, 2023.

The regulations now specify that 'Any other Plant and Project' excludes solar power plants or solar power projects.

Yes, solar power plants and solar power projects are now specifically excluded from the category of 'Any other Plant and Project' under these amended regulations.

The amendments were issued by the Central Board of Indirect Taxes and Customs, under the Ministry of Finance, Government of India.