Import Compliance for BG submitted for Mega Power Projects in India
Dated: 22/01/2018
Ref: Notification No. 89/2017-Customs
In the said notification no 50/2017 dtd: 30/06/2017, in the ANNEXURE, in Condition No.95, under the heading “Condition”, for sub-clause (a), the following shall be substituted, namely:-
(a) In case of imports for a project for which certificate regarding Mega Power Project status issued by an officer not below the rank of Joint Secretary to the Government of India in the Ministry of Power is provisional, the importer furnishes a security in the form of a Fixed Deposit Receipt or Bank Guarantee from any Scheduled Bank for a term of one hundred and twenty-six months in the name of the President of India for an amount equal to the duty of customs payable on such imports but for this exemption, to the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, at the time of importation and if the importer fails to furnish the final mega power status certificate with in a period of one hundred and twenty months from the date of importation, the said security shall be appropriated towards duty of customs payable on such imports but for this exemption:
Provided that in case of provisional Mega Power Projects, the security in the form of a Fixed Deposit Receipt or Bank Guarantee may be released proportionately as per the proportionate mega certificate issued by the said Joint Secretary to the Government of India in the Ministry of Power.
Effect of this Notification:
Post Importation against concessional duty or duty exemption schemes the Importer has to ensure the availability of Proportionate mega certificate issued by the said Joint Secretary to the Government of India in the Ministry of Power, in order to fulfil compliance with the Customs authorities at the port of registration or at the port of importation so as to avoid the regularization of import duty saved.
Principal Notification: cs50-2017
Source: CBIC, Dept. of Revenue, Ministry of Finance, Govt. of India
In case you face any issues related to Indirect Tax-Customs, GST, Foreign Trade Policy (FTP), Arbitration matters and Central Licensing and related advisory matters in India then please feel free to get in touch with SJ EXIM Services.
We offer Legal advice and litigation support in matters related to Indirect Tax-Customs, FTP, other Indirect Tax matters & Arbitration law, all sorts of Central licensing and related matters. Come and explore the new way of doing business with us!
Leave a ReplyCancel reply