The IGCR bond (Import of Goods at Concessional Rate of Duty bond) is a crucial instrument that allows importers to avail concessional duty rates for specific goods imported for certain purposes, such as manufacturing, research, or job work, under the IGCR scheme. This bond acts as a financial guarantee, ensuring compliance with the conditions set by customs authorities for the concessional import of goods. The bond is typically required when importing goods under specific notifications, and it ensures that the goods will be used for the intended purpose and not diverted for other uses. Importers need to submit this bond to their jurisdictional customs office for approval as part of the IGCR registration process.
To apply for the IGCR bond specifically, follow these detailed steps:
- Login to ICEGATE: Begin by logging into your account on the ICEGATE portal using your registered credentials. Ensure your IEC (Importer Exporter Code) and GSTIN are up-to-date.
- Navigate to the IGCR Module: Once logged in, go to the IGCR module available under the “Services” section on the dashboard. This is where you can initiate the bond application process.
- Submit Prior Intimation: Before applying for the bond, submit a Prior Intimation. This includes details about the imported goods, the purpose (such as manufacturing, research, or job work), and the specific notification under which you are claiming concessional duty. After submitting this, you will be assigned an IGCR Identification Number (IIN).
- Fill Bond Application: After receiving the IIN, go to the Bond/BG Details section in the IGCR module. Select whether you are opting for a bond or a bank guarantee. Provide specific details such as:
- Bond value (which is the amount you are guaranteeing to comply with customs regulations).
- Importer details (such as the IEC and GSTIN).
- Nature of goods you are importing.
- Purpose of the import (e.g., manufacturing, research, etc.).
- Notification Number under which the concessional rate is claimed.
- Submit the Application: After filling out the bond details, submit the bond application through the online system. You will need to print the bond document generated online.
- Submit to Customs Office: Take the printed bond document to your jurisdictional customs office for physical submission. Ensure that the customs officer verifies and approves the bond application.
- Customs Verification and Approval: The customs authorities will review the submitted bond document. If everything is in order, they will approve the bond and assign a Bond Number.
Once the bond is approved and you have the Bond Number, you are ready to file your Bill of Entry to claim the IGCR benefits and proceed with the concessional import process.
Need help navigating the process or ensuring compliance? We’re here to assist—every step of the way. We have covered everything for you in this comprehensive guide for IGCR Clearance in India.
If you’re feeling unsure or stuck at any step, you’re not alone. Our team is here to walk you through the IGCR registration process and help you make the most of the benefits available to your business.
