TaxTMI 
TaxTMI 
Project Import Provisions
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....roject Import Provisions<br> Query (Issue) Started By: - ROHIT GOEL Dated:- 25-12-2022 Last Reply Date:- 25-12-2022 Customs - Exim - SEZ<br>Got 1 Reply<br>Customs<br>Dear everyone, I have a query regarding Customs Notification No. 02/2022 wherein, the Government has made a number of amendments to the earlier notification No. 50/2017. My query is that, under S. 158 of Notification No. 02/2022, it....
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.... is written that, "against S. No. 601 (of Notification No. 50/2017), - (a) in column (3), the following proviso shall be inserted at the end, namely:- "Provided that nothing contained in this S. No. shall have effect after the 30th September 2023." Does this mean that the project import benefits under the above-mentioned serial number are over post- 30th September 2023? Further, in Lette....
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....r No. D.O. F. No. 334/01/2022-TRU by Joint Secretary, Shri G.D. Lohani, it is stated that "with effect from 30th September 2023, all projects registered under project imports will attract 7.5% BCD rate." This is now raising confusion as the literal analysis of Notification No. 02/2022 tells us that the benefits provided under the project import scheme will be stopped post-30th September....
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.... 2023 but, as per the letter by Joint Secretary, the said benefits will still be valid but at a higher BCD of 7.5% from the earlier BCD of 5%. Please clarify. Regards, CA ROHIT GOEL Reply By Abhijeet Mane: The Reply: The D.O. F. No. 334/01/2022-TRU clarified 1] The new project contracts registered with concerned customs ports after 30th September 2022 attract BCD Rate 7.5% under chapter head....
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....ing 9801 and 2] the existing project contracts register on or before 30th September 2022 attract BCD Rate 5% up to 30th September 2023. So all project imports whether it is an existing or new contract attracts BCD Rate 7.5% after 30th September 2023. Refer the Finance bill 2022, Third schedule "(68) in Chapter 98, for the entry in column (4) occurring against all the tariff items of headi....
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....ng 9801, the entry "7.5%" shall be substituted." The Customs Tariff under Chapter Heading 9801 effective from 01-05-2022 attract BCD rate 7.5%. Before it was 10%. For this purposes, the contracts under project imports must be registered with the concerned customs ports where the goods are to be imported. Hope it clarifies your doubt.<br> Discussion Forum - Knowledge Sharing ....