The Import of Goods at Concessional Rate of Duty (IGCR) scheme is a game-changer for businesses involved in manufacturing and processing. It enables importers like us to bring in goods at significantly reduced customs duty rates, provided these goods are used for specific purposes like manufacturing, job work, or R&D. This helps businesses cut costs on raw materials, components, and machinery, allowing us to offer competitive pricing while maintaining high-quality outputs.
Under the IGCR scheme, importers must follow a streamlined process. This includes declaring the intent to import under concessional rates, providing a bond to customs, and ensuring the imported goods are strictly used for their declared purpose. Regular reports on the usage of goods must be submitted to the customs department, backed by certifications from experts like Chartered Engineers.
Recent updates to the IGCR framework have made compliance easier, with online filing and simplified procedures, helping businesses save both time and effort. For import-export companies, this scheme reduces costs and boosts operational efficiency, making it easier to meet global standards while supporting domestic production.
If you’re in the import-export business and want to optimize your costs, the IGCR scheme is worth exploring. It’s especially beneficial for industries like electronics, pharmaceuticals, and renewable energy—key sectors driving global trade. Let us help you navigate the process and 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.
