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ABOUT THE PROJECT IMPORT SCHEME
Project import is meant importing machinery, plants, and several other things that tend to be essential for establishing a new project to manufacture or produce sanctioned stuff in India. In the Project Import Scheme or PIS, every item of project import is initially assessed under the 1975 Customs Tariff Act. Here, only one duty rate is used in place of imported items’ merit assessment. Project imports are intended to aid quick and smooth evaluation of various industrial goods that fall under multiple chapters of Customs Tariff.
After the goods are imported, they are classed under various tariff headings separately based on the appropriate customs duty. However, machinery and plants are needed to set up an Industrial Project, and variations of other projects are required. Importers who wish to take benefits of project import by claiming the valuation of imported goods and fall under the heading of customs tariff are needed to register all their import bonds with the authorities of the Customs.
When people choose the top freight forwarding companies in India like Genex Logistics, they accomplish their work in remarkably less time. We have professional expertise in preparing and representing a case.
The assistance of Genex Logistics in project imports:
Commonly, imported products are classed under various tariff headings and assessed, but as multiple goods get imported to form an industrial project, their distinct organization and valuation to duty turn cumbersome. Again, the suppliers of contracted projects fail to value every part of machinery or item supplied in phases. So, ascertaining values for various products delays the assessment process, which results in demurrage and makes the project cost and time overrun. We facilitate a quick and smooth assessment through a modest method of classification and make the imported items fall under the PIS and are positioned under only one Tariff, which eases the review besides ensuring quick clearance of items.
GOODS THAT WE PERMIT UNDER PIS
Under PIS, the items that we allow to get imported at a concessional rate of duty are: Every item of machinery like:​
- Instruments
- Prime movers
- Appliances and apparatus
- transmission equipment and control gear
- Auxiliary equipment is needed for quality control, testing, research and development
- Every component includes finished and raw materials needed for manufacturing the products described above and their associates. These things are essential to set up a unit. Again, they are also required for the remarkable growth of the existing units.
Goods permitted under the project import scheme comprise spare parts, consumable stores, and raw materials that include semi-finished materials that do not exceed 10 per cent of the goods.
PROJECTS GENEX LOGISTICS CONSIDERS ELIGIBLE UNDER PIS
Under the PIS, the projects that we cover are:
- Power Project
- Industrial Plant
- Mining Project
- Irrigation Project
- The project needed to explore different minerals and oil
- Some projects that the central govt. They might be required for the country’s economic development and must be mentioned in the Official Gazette.
PROJECTS OR GOODS NOT ELIGIBLE FOR PIS
Benefits under the PIS aren’t available to hospitals, hotels, photographic film processing laboratories, studios, laundries, photocopying studios, workshops, or garages. The benefit of PIS isn’t obtainable to composite or a single machine.
An industrial plant under PIS is an industrial system intended to be used for the performance of a process or some processes that are important for producing, manufacturing, and extracting goods.
HOW TO AVAIL BENEFITS UNDER PIS
Registration of Contracts – When an importer wishes to avail the benefits of PIS, he must get into one or more than one contracts with the goods’ supplier. These contracts must be registered before clearing in the Customs House because goods are hoped to be removed here. The importer must apply for the registration in writing. According to Regulation 4, the assessment that falls under Heading 98.01 is obtainable to only those items imported against one or more contracts and registered with the ideal Custom house, as mentioned in Regulation 5. However, the contract should be reported.
COMMENDABLE SERVICES OF GENEX LOGISTICS
Those who know what is freight forwarding in logistics never look beyond the services of Genex Logistics. We are reputed for our extraordinary freight forwarding services and PIS. Our professionals work incessantly and inform you regarding the eligibility criteria needed for project import. When you fulfil the requirements, the subsequent procedures are followed. The remarkable thing is we keep ourselves updated with the department, and if we find any issue with your application, the department informs you. The Custom House registers the contract, and in the form of a token, the Dy. Commission of Customs accepts the provisional duty bond after he sees that the items are eligible for the benefits of project import. In this regard, the importer must get in touch with this number with every subsequent correspondence.
Benefits Of PIS From Genex Logistics​
A few benefits of importing the items under PIS are every appliance, instrument, machinery, etc., that is imported happens to be duty charged, and that too at a smooth rate of duty. Genex Logistics has continued to be one of the reputed freight forwarding companies in India as we have set benchmarks for the transportation, project logistics, logistics, and freight forwarding industry in India. We have sufficient experience executing countless complex logistics projects with highly effective resource alignment.