Background:
Earlier the CBIC vide Notification No. 50/2017-Customs dated June 30, 2017 (“N/N 50”) notified the effective rates and exemption of Customs Duty and Integrated Goods and Services Tax (“IGST”) leviable on various goods imported into India, subject to the specified conditions.
Notification:
Now, the CBIC vide Notification No. 31/2022-Customs dated June 7, 2022 has issued amendments in the conditions specified under the N/N 50 in order to extend the time period for furnishing the final Mega Power Project Certificate from 120 months to 156 months and extend the period of validity of security in the form of Fixed Deposit Receipt or Bank Guarantee from 126 months to 162 months, in case of Provisional Mega Power Projects, in a following manner:
- Substituted the words “one hundred and twenty-six months” and “one hundred and twenty months” with “one hundred and sixty-two months” and “one hundred and fifty-six months” respectively, in Condition No. 95(ii)(a) of the N/N 50.
The amended condition No. 95(ii)(a) now reads as below:
|
95. |
“If an officer not below the rank of a Joint Secretary to the Government of India in the Ministry of Power certifies that:- ……….. (ii) the power purchasing states shall undertake to carry out distribution reforms as laid down by Ministry of Power. (a) In case of imports for a project for which certificate regarding Mega Power Project status issued by an officer not below the rank of Joint Secretary to the Government of India in the Ministry of Power is provisional, the importer furnishes a security in the form of a Fixed Deposit Receipt or Bank Guarantee from any Scheduled Bank for a term of one hundred and sixty-two months in the name of the President of India for an amount equal to the duty of customs payable on such imports but for this exemption, to the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, at the time of importation and if the importer fails to furnish the final mega power status certificate with in a period of one hundred and fifty-six months from the date of importation, the said security shall be appropriated towards duty of customs payable on such imports but for this exemption: Provided that in case of provisional Mega Power Projects, the security in the form of a Fixed Deposit Receipt or Bank Guarantee may be released proportionately as per the proportionate mega certificate issued by the said Joint Secretary to the Government of India in the Ministry of Power;” |
The Notification can be accessed at: https://taxinformation.cbic.gov.in/view-pdf/1009340/ENG/Notifications
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