DGFT clarifies on import policy of Iron and Steel

Jan 09, 2020 | by Avantis RegTech Legal Research Team


Finance & Taxation Compliance

The Directorate General of Foreign Trade (DGFT) on January 08, 2020, has clarified that in case an item of steel gets registered under Steel Importing Monitoring System (SIMS) at the time of entry into Special Economic Zone (SEZ) or Free Trade and Warehousing Zones (FTWZ), there is no need to seek SIMS registration again at the time of supply of such item to Domestic Tariff Area (DTA).

Whereas, DGFT has received a query that whether the SIMS Registration is required both at the point of import into SEZ or FTWZ and at the time of Customs Clearance for import from SEZ to DTA.

DGFT examined the matter in consultation with Ministry of Steel and clarified that if the goods imported under SIMS to SEZ or FTWZ are supplied to DTA unit without any processing, the DTA unit need not seek any registration under SIMS. However, if manufacturing process in SEZ results in change of HS Code at 8-digit level, the importer in DTA shall be required to register under SIMS.

[Policy Circular No. 30/2015-2020]


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.