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Project Import Scheme

PROJECT IMPORT SCHEME

Project Import Scheme

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    6000 +
    Business served
    9.6/10
    Customer Ratings
    100 %
    Satisfaction

    PROJECT IMPORT SCHEME

    Project Import Scheme

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      6000 +
      Business served
      9.6/10
      Customer Ratings
      100 %
      Satisfaction

      What is PROJECT IMPORT Scheme?

      Project imports means import of plant and machinery for initial set up or substantial expansion of an existing project established in India. All goods imported under Project Import Scheme are enveloped under a Single Classification falling under Chapter 98 of ITC HS Code and are levied with a single rate of duty instead of merit assessment of imported items.

      Benefits of Project Import Scheme:

      Assessment under one heading i.e., Chapter 98 of ITC HS Codes:

      This removes all possibilities of disputes with customs regarding tariff classification

      Eligible EPCG Benefits:

      Capital Goods imported under Project Import Scheme can be imported duty free against an EPCG Authorization.

      Concessional Duty:

      Effective Duties under Project Import Scheme depends on the type of project and are generally lower than the normal rates. All items covered under Project Import Scheme attract a constant 5% Basic Customs duty (BCD). Additionally, IGDT is leviable that brings the total applicable duty to 24.49% as against the normal total of 27.73% payable on Capital Goods alone. Thus, Project Import Scheme offers a saving of approximately 3.24%

      Eligibility Criteria and Procedure for Project Import Scheme:

      Projects under Project Import scheme should be permitted by the Ministry of Industry or any other concerned Administrative ministry to be qualified under the scheme.

      Additionally, the project is required to be registered with customs where most of the imports are to take place, along with the import license if relevant.

      Cash security along with Bank Guarantee/Bond needs to be offered, which gets cancelled/cashed in after conclusion of imports.

      EPCG if availed along with Project Import needs to be taken from the DGFT office.

      How will we help?

      We can help you in the following aspects for claiming Project Import Scheme benefits:
      Planning and Documentation
      We can help you in full planning, documentation, preparation, application, representation and coordination with the Ministry of Industry, Customs, DGFT, or any other relevant Government Departments for obtaining approval.
      Registering the project with Customs

      Upon receipt of approval, we can help you in obtaining the requisite customs registration.

      Redemption of the BG/Bonds

      Upon completion of Import we can assist in redemption of the Bank Guarantee (BG)/Bonds submitted at the customs.

      Obtaining EPCG

      We can help you with obtaining EPCG authorization for duty free imports of the capital goods under Project Import Scheme.

      Replying to Deficiency Letter and other queries

      We help you in post EPCG compliance by keeping a track of export performance and fulfilled export obligation.

      Frequently Asked Questions

      All you need to know before applying for Project Import Scheme:

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      More questions? Seek help of our experts

      Call us at: +91 9930500991

      Email us: info@avigroup.in

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