ICEA hails recent amendments to IGCR rules, seeks further changes

0
1
Reading Time: < 1 minute

New Delhi, May 25 (IANS) Lauding the recent changes to the Import of Goods at Concessional Rate of Duty (IGCR) Rules, 2017, the India Cellular & Electronics Association (ICEA) has sought further changes to the rules on a urgent basis.

In a statement, the industry body said that the entire electronics sector, especially the mobile phone industry, is encouraged with the amended rules notified in the IGCR rules to boost trade facilitation.

ICEA Chairman Pankaj Mohindroo said: “We welcome the clarifications on end use manufacturing in the complex customs rules in the Budget 2021 amendments issued in February 2021. The recently notified CBIC circular will create the necessary confidence in industry and boost the eco-system for electronics manufacturing.”

The amended rules have simplified the procedure which will boost manufacturing.

ICEA’s GST Taskforce & Indirect Tax Committee Chairman Bibhash Deb, noting that the amendments would go a long way in the ease of doing business, however, suggested few more changes to the norms.

“There are a couple of amendments that have been overlooked and should also be taken into consideration to benefit the manufacturing fraternity,” Deb said.

He said that the timeline for re-export or clearance for home consumption needs to be extended to 12 months from the current six months.

Movement of goods from one plant to another should be allowed, as inter-unit transfer is extremely important for manufacturers as they have more than one manufacturing unit and on clearance of capital goods, the interest payable should not be included since the goods are cleared on depreciated value, Deb suggested.

He was also of the view that the “SION” norms for the goods imported under IGCR Rule should be defined.

–IANS

rrb/sn/vd