Consumption of goods within 6 months if imported under IGCR vide 9/2021 customs,clarify circular 10

This query is : Resolved

RAM KUMAR SAINI (Querist)
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23 October 2021 Dear Experts

If we are importing goods under IGCR 2017 ,NOTIFICATION 50/2017 amended vide Notification 09/2021, clarify vide circular 10/2021

Are we bound to consume the imported goods within the period of Six months,or we can consume imported goods after the period of six months

Please Advise

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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06 July 2024 Under IGCR 2017 (Imports Goods Concession Rules 2017), specifically as per Notification 50/2017 amended by Notification 09/2021 and clarified in Circular 10/2021, the requirement is typically that imported goods under concessional duty rates must be consumed within six months from the date of importation. This time frame is crucial to comply with the conditions of the notification and to qualify for the concessional duty rates.

If you do not consume the imported goods within the stipulated six-month period, it may lead to non-compliance with the conditions specified under IGCR 2017. This could potentially result in consequences such as:

1. **Duty Liability:** You may be liable to pay the full customs duty along with applicable interest and penalties if the goods are not utilized within the prescribed period.

2. **Loss of Concessional Rate:** Non-compliance with the six-month consumption rule could lead to the loss of concessional duty rates granted under Notification 50/2017.

Therefore, it's crucial to plan your import and consumption timelines carefully to ensure compliance with these rules. If circumstances prevent you from consuming the goods within the specified period, it may be advisable to consult with a customs expert or legal advisor to explore any options or exemptions that may apply in your specific situation.