- DGFT has issued Policy Circular No. 06/2023-24, introducing restrictions on the import of certain specified IT hardware from 1 November 2023. SEZ units and EOUs/EHTP/STPI/BTP are exempt from obtaining a ‘restricted import authorization’ for IT hardware restricted under Notification 23/2023, provided the import is for captive consumption within these units.
- There are no import restrictions on components necessary for IT hardware devices specified in Notification 23/2023. IT hardware items essential for capital goods are exempt from import licensing requirements.
- Importers are permitted to apply for multiple authorizations, which will remain valid until September 30, 2024.
Source Darda Advisors LLP
Latest Posts in "India"
- FCIK Calls on Government to Grant Power and VAT Amnesties for Industrial Units
- Transfer Pricing and GST: Understanding Related Party Transactions and Arm’s Length Principle in India
- GST Exemption on Insurance: Has 18% Tax Cut Reduced Premiums for Policyholders? Government Responds
- GST on Mining Lease Royalty: Classification, Applicable Rate, and Reverse Charge Mechanism Clarified
- CESTAT: Software Preloaded in Imported Hardware Includible in Customs Value, No Penalty on Wipro
