CBIC notifies Customs (ICGR) Rules, 2022: Notification
- Blog|News|GST & Customs|
- 2 Min Read
- By Taxmann
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- Last Updated on 13 September, 2022
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Notification No. 74/2022 -Customs (N.T.) dated September 9th, 2022
The CBIC has issued notification to notify Customs Import of Goods at Concessional Rate of Duty or for Specified End Use (IGCR) Rules, 2022. After considering various suggestions to further facilitate the trade and to expand the scope of application, the IGCR Rules, 2022 have been notified, while retaining the basic contours of IGCR, 2017. It is pertinent to note that these changes are of the nature that broaden the scope of coverage of IGCR and ensure that useful additional data fields are effectively captured. The salient changes include:
a. Clarifying the time period of utilisation to be the time period for compliance and bringing in a provision to extend the said period in certain cases for the reasons beyond the importer’s control.
b. Prescribing a procedure for immediate re-credit of Bonds by Jurisdictional customs officer, rather than waiting till the time of filing of the monthly statement.
c. Expanding the scope of the IGCR procedure applicable to Specified End Use mentioned in Customs Notifications, i.e. apart from those pertaining to manufacturing and in respect of those for providing output services. In case of end use, supply to the end use recipient and the nature of the supply is to be captured in the IGCR automated module.
d. Changes in the forms to capture the details where intended purpose is the export of goods using the goods imported.
Click Here To Read The Full Notification
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