What Documents Are Required for IGCR Registration?
To avail the benefits of the IGCR (Import of Goods at Concessional Rate of Duty) Rules, 2017, businesses must register with Customs. The registration requires submission of specific documents that establish the importer’s identity, eligibility, and intended use of imported goods. The commonly required documents include: By submitting these documents, importers establish transparency and ensure […]
Is IGCR Available for All Businesses or Only Manufacturers?
The Import of Goods at Concessional Rate of Duty (IGCR) Scheme is primarily designed to benefit manufacturers, but it is not limited to them alone. The scheme extends to certain other businesses and sectors as well, provided they use the imported goods for eligible purposes defined under the IGCR Rules, 2017. 1. Manufacturers 2. Job […]
What Is the Difference Between IGCR and Regular Customs Duty?
The Import of Goods at Concessional Rate of Duty (IGCR) Scheme and regular customs duty differ mainly in purpose, applicability, and compliance requirements. 1. Applicability 2. Duty Rate 3. Purpose of Import 4. Compliance Requirements 5. Objective In summary, regular customs duty is the default tax on imports, while IGCR is a concessional scheme designed […]
Why was the IGCR scheme introduced?
Why Was the IGCR Scheme Introduced? The Import of Goods at Concessional Rate of Duty (IGCR) Scheme was introduced by the Government of India under the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017. Its primary aim is to promote domestic manufacturing and ease of doing business while ensuring compliance in the […]
What Are the Benefits of IGCR for Importers?
The Import of Goods at Concessional Rate of Duty (IGCR) Scheme offers significant advantages to Indian businesses engaged in manufacturing and production. It is designed to reduce costs, improve efficiency, and strengthen domestic industry. Key Benefits for Importers: In summary, IGCR empowers importers with lower duties, better access to resources, and streamlined compliance, making it […]
What Does IGCR Mean in Customs?
In Indian Customs, IGCR stands for Import of Goods at Concessional Rate of Duty. It refers to a scheme governed by the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017, designed to support domestic manufacturing and reduce costs for eligible businesses. Under IGCR, importers can bring in specified goods at a concessional […]
Who can issue Bank Guarantee?
A bank guarantee can only be issued by a scheduled commercial bank or a financial institution authorized by the Reserve Bank of India (RBI). These institutions have the legal standing and financial credibility to provide a guarantee to customs authorities, ensuring that the importer or exporter will meet their obligations. Entities Authorized to Issue Bank […]
What is Bank Guarantee for customs?
A bank guarantee for customs is a financial instrument provided by a bank on behalf of an importer or exporter to ensure compliance with customs regulations. It acts as a security for customs authorities to ensure payment of duties, taxes, or fulfillment of import conditions—especially when availing exemptions under schemes like IGCR. Key FeaturesPurpose: Acts […]
What is IGCR 1?
IGCR 1 is the application form used for registration under the Import of Goods at Concessional Rate of Duty (IGCR) scheme. It is essential for businesses that wish to import goods at reduced customs duty for manufacturing, research, job work, or export production. The form provides customs authorities with all necessary details to assess eligibility […]
Who is eligible for IGCR?
The IGCR (Import of Goods at Concessional Rate of Duty) scheme is meant to support businesses by allowing them to import goods at reduced customs duty, provided they meet specific eligibility criteria. The scheme primarily targets manufacturers, exporters, R&D units, job workers, PSUs, and OEMs who use the imported goods for a declared purpose like […]