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 […]
What is Rule 6 of IGCR Scheme?
Rule 6 of the IGCR (Import of Goods at Concessional Rate of Duty) Scheme outlines the responsibilities of importers who bring in goods at a reduced customs duty. These goods must be used strictly for the purpose declared at the time of import—such as manufacturing, job work, or research. Using them for any other purpose […]
What is IGCR Form 3A?
IGCR Form 3A is a crucial document under the Import of Goods at Concessional Rate of Duty (IGCR) scheme governed by Indian Customs. It is used by importers seeking to avail concessional duty benefits for goods imported for specific purposes such as manufacturing, job work, or research. The form forms part of the application for […]
How is the Amount of Customs Bond Calculated?
Under the IGCR (Import of Goods at Concessional Rate of Duty) scheme, the customs bond amount is determined based on various factors to ensure compliance with customs conditions and to secure payment of duties in case of non-compliance. Key factors include: After the bond is calculated, it must be submitted for customs approval. Once verified, […]
Who can avail IGCR benefits?
The IGCR (Import of Goods at Concessional Rate of Duty) scheme allows eligible businesses to import goods at reduced customs duty rates, supporting manufacturing, research, and export activities. Eligible Entities Manufacturers importing raw materials, components, or machinery for production can benefit from IGCR whether for domestic sale or export. Research and Development Units in technological […]
How to register IGCR on Icegate?
If you’re planning to import goods under concessional duty, registering under the IGCR (Import of Goods at Concessional Rate of Duty) scheme via ICEGATE is essential. Here’s a clear, step-by-step guide to help you navigate the process with confidence: 1. Start with ICEGATE Registration Create Your Account: Register Your DSC: 2. Access the IGCR Module […]
How to apply IGCR bond?
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 […]
