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:

1. Reduced Import Costs
   • Importers can procure raw materials, inputs, capital goods, or components at concessional customs duty rates. This lowers overall production costs and enhances profit margins.
2. Improved Competitiveness
   • By reducing input costs, Indian manufacturers can offer products at more competitive prices in both domestic and global markets, strengthening the “Make in India” initiative.
3. Access to Advanced Inputs
   • Importers can access high-quality or specialized raw materials and technology that may not be available domestically, ensuring better quality end-products.
4. Ease of Doing Business
   • The scheme simplifies processes with online intimation, digital filing, and self-declaration mechanisms, making compliance smoother and less time-consuming.
5. Flexibility of Use
   • Imported goods can be used not only for in-house manufacturing but also for job work, expanding opportunities for MSMEs and contract manufacturers.
6. Boost to Industrial Growth
   • Lower costs encourage expansion, investment, and innovation, leading to more robust industrial development and job creation.

In summary, IGCR empowers importers with lower duties, better access to resources, and streamlined compliance, making it a vital tool for businesses aiming to grow in the competitive global market.

Learn more about IGCR at https://www.jparks.co/services/apply-for-igcr-clearance/