TMI BlogProject Import ProvisionsX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Letter 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 registere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 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 clar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ify. 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 heading 9801 and 2] the existing project contracts register on or before 30th September 2022 attract BCD Rate 5% up to 30th September 2023. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 heading 9801, the entry 7.5% shall be substituted. The Customs Tariff under Chapter Heading 9801 effective from 01-05-2022 attract BCD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - Project Import Provisions - Query Started By: - ROHIT GOEL Dated:- 25-12-2022 Customs - Import - Export - Customs - SEZ - Got 1 Reply - Customs - Discussion Forum - Knowledge Sharing, rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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