The Import of Goods at Concessional Rate of Duty (IGCR) scheme is a game-changer for businesses like ours that rely on manufacturing and processing. It allows us to import goods at significantly lower customs duty rates, provided they’re used for specific purposes—such as manufacturing, job work, or R&D. This means we can cut costs on raw materials, components, and machinery without compromising on quality, helping us stay competitive in the market.
Of course, there’s a process to follow. Importers need to declare their intent to avail concessional rates, submit a bond to customs, and ensure that the imported goods are strictly used for their declared purpose. Regular reports must be filed, often verified by Chartered Engineers, to maintain compliance.
The good news? Recent updates have made the entire process much smoother. With online filing and simplified procedures, businesses can now save time, reduce paperwork, and focus on what really matters—growth and innovation. For import-export companies, this scheme isn’t just about cost savings; it’s a way to streamline operations and stay aligned with global standards while supporting domestic production.
If you’re in the import-export business and looking to optimize costs, the IGCR scheme is absolutely worth exploring. Industries like electronics, pharmaceuticals, and renewable energy are already benefiting from it. Need help navigating the process? Let’s talk—we’d love to help you unlock its full potential.
Looking to apply for IGCR? We have covered everything you need to know in this comprehensive guide to Apply for IGCR Clearance in India.
