: Govt’s constant efforts to promote EoDB & support MSME units has facilitated exports: Chief Commissioner of Customs #FinanceIndia #StockMarketNEWS Govt’s constant efforts to promote EoDB & support

@StockMarketNEWS Mon 21 Mar, 2022

Posted in: #FinanceIndia #StockMarketNEWS

Govt’s constant efforts to promote EoDB & support MSME units has facilitated exports: Chief Commissioner of Customs #FinanceIndia #StockMarketNEWS
Govt’s constant efforts to promote EoDB & support MSME units has facilitated exports: Chief Commissioner of Customs New Delhi, Mar 16 (KNN) Government’s consistent policy focus on Ease of Doing Business (EoDB), providing support to MSME units has facilitated exports from the country, said MK Singh, Chief Commissioner of Customs, Mumbai.

“The recent changes in the IGCR are one of the finest examples that show we are committed towards achieving the aims and objectives of the government. These changes are also an effort towards creating an enabling environment for promoting manufacturing by domestic industry, to make them competitive globally and also make them self-reliant in furtherance of the goal of Aatmanirbhar Bharat,” he added.

He said this while delivering the inaugural address at a pan-India webinar on ‘Recent changes in Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (IGCR Rules, 2017)’ which was jointly organised by Director General of Taxpayer Services (DGTS), CBIC, Ministry of Finance, and Apparel Export Promotion Council (AEPC).

The Council had requested Director General of Taxpayer Services (DGTS), CBIC, Ministry of Finance, for the webinar as it had been receiving concerns from exporters on the procedural issues seeking clarity on the formats and procedures to be followed.

The Department of Revenue, Ministry of Finance, vide its Notification No. 02/2022- dated 1st February, 2022 has allowed import of Trimmings and Embellishments and has carried out changes in facility of import of Tags, labels, stickers, belts, buttons, hangers or printed bags and import of lining and interlining material.

One of the important changes is that these items are allowed to be imported under Serial No 257/ 257B of Custom Notification No 02/2022 dated 1. 2. 2022, without any duty and without any limit.

These imports are now governed under condition 108 which primarily requires "the items manufactured using the imported goods are exported by the importer within six months of the date of the import". The other condition specified in the notification is condition No. 9, which requires importers to follow the procedure set out in IGCR Rules 2017.

AEPC Vice Chairman Sudhir Sekhri said that earlier when items under S. No. 311 were allowed, they were subjected to an overall limit of 5 per cent of FOB value of the garments exported and value realized during the previous year and this included import of lining and interlining material of 2 per cent of FOB of FOB value of the garments exported and value realized during the previous year.

However, with the inclusion of these items under S.