The CBIC vide Circular No. 27/2019-Customs dated September 03, 2019 has clarified roll out of Project Import-Module on ICES pertaining to project registration, bond registration, filing of provisional Bill of Entry (“BOE”) and finalization of BOE pertaining to Project Import.
Project Imports Scheme provides that all the goods imported for the purpose of setting up of Industrial Project or substantial expansion of existing industrial projects be subjected to single classification under heading 98.01 of Custom Tariff Act, 1975 and single rate of duty instead of merit assessment of imported goods. For this purpose, Project imports registration as mandated by Project Imports Regulations, 1986 has been happening manually till now. Bulky registers are being maintained by the field formations for the debit entries of all the items of import. Further, the process of issuing release advises to other ports, debiting bond and finalizing the project have also been largely manual thus making the process cumbersome and impacting its efficiency.
To overcome the difficulties faced due to manual processing, Project Imports module has been developed in ICES. Your kind attention is drawn to ICES Advisory 13/2019 dated May 29, 2019 issued in this regard wherein processes relating to Project Import-Module were explained. It is to inform that Project import module shall cover following processes:
- Registration of a Project and generation of a Project number
- Bond Registration for Project Imports
- Filing of provisional BOE with project number and bond details. Item wise debits in the project/bond for every BOE
- Finalization of the Provisional BOEs and re-crediting of the Bond
To begin with, project registration and bond registration have been operationalized in ICES. It is requested that all the live projects currently and hereafter be compulsorily registered. This exercise may be started immediately, and all project registrations should be completed before September 15, 2019 and filing of BE under Project Import on ICES should be mandatory from September 16, 2019.
Read more at: http://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-circulars/cs-circulars-2019/Circular-No-27-2019.pdf