IGCR

IGCR stands for Import of Goods at Concessional Rate of Duty, a regulatory framework under India's Central Board of Indirect Taxes and Customs (CBIC). It allows eligible manufacturers and service providers to import raw materials, components, or capital goods at reduced or nil customs duty for a specific end-use

Key points

• The importer must meet the applicable eligibility and end-use conditions.
• The importer generally has to provide required information/declarations to Customs.
• The imported goods must be used for the specified purpose.
• The importer needs to maintain appropriate records and comply with IGCR reporting and compliance requirements.
• Non-compliance can lead to duty liability and other consequences.