Changing the rules on importing raw materials and finished products to facilitate local manufacturing, Telecom News, ET Telecom

New Delhi: The customs department has notified the latest changes in the import rules for raw materials and finished products that will facilitate the outsourcing of manufacturing operations to India, allow inter-company transfer of raw materials and other simplifications and will ensure ease of manufacture.

The Central Council for Indirect Taxes and Customs (CBIC), in a circular dated May 17, notified the employment-work changes that were announced in this year’s budget and came into effect on February 2.

In accordance with the new standards, all importers and manufacturers are now allowed to have finished products (100% subcontracted) and intermediate products (partly subcontracted) produced on a labor-labor basis.

Importers now have the option of importing capital goods for specified purposes at a concessional rate and clearing them after use against payment of applicable customs duties as well as interest on the depreciated value.

The government has also changed the approval system to a single notification that must be sent by the importer, reducing the red tape associated with compliance, experts said.

India Cellular & Electronics Association (ICEA) said the new rules will ensure that supplier work by industry majors can now be done transparently after clarifications.

“They can also distribute from major warehousing nodes without unnecessary interference from customs formations in the field. Machines can be imported duty free. Communications, including consumer return to customs, will be accepted by email, ”ICEA said.

About Larry Noble

Check Also

The dollar breaks all previous records and crosses the 200 mark on the open market

The US dollar continued to crush the pakistani rupee as it broke through the 200 …

Leave a Reply

Your email address will not be published.