In a recent announcement that brings smiles to the faces of tech enthusiasts and importers alike, the Directorate General of Foreign Trade (DGFT), operating under the esteemed Ministry of Commerce and Industry, has introduced a series of amendments that significantly ease the import process for certain high-tech gadgets. The latest directive, Notification No. 23/2023-DGFT, dated 3rd August 2023, revolves around items listed under IISN 8471 within Chapter 84 of Schedule-I (Import Policy) of ITC (HS), 2022.
Key Takeaway for Importers
The key takeaway from these amendments is the introduction of exemptions that have the potential to alleviate the concerns of importers. Specifically, the import of Laptops, Tablets, All-in-one Personal Computers, and Ultra small form factor Computers and Servers under HSN 8741 now falls under the ‘Restricted’ category. However, importers need not fret, as these items can still be brought into the country without a hitch, provided certain conditions are met.
- Individuals importing for personal use, such as travelers or online shoppers, can import a single unit without needing a License for Restricted Imports, making it hassle-free to acquire the latest tech gadgets.
- To encourage research and development, testing, benchmarking, evaluation, and product development, the government has introduced exemptions from import licensing requirements. Importers can now bring in up to 20 items per consignment for these purposes without facing licensing obstacles.
- Importers can also relax when re-importing items repaired abroad, as the exemption extends to such cases, allowing businesses and individuals to maintain their technological investments without complications.
- Moreover, the exemption covers items considered essential components of Capital Goods, ensuring that industries relying on these crucial components can sustain their operations seamlessly.
- Importers can take comfort in the DGFT’s extension of the transitional period for specific computer types until October 31, 2023. This extension provides a valuable buffer, enabling importers to clear their consignments without the need for a License for Restricted Imports until the specified date.
Import Policy Update 2023
In essence, these import policy updates usher in a new era of convenience and flexibility for tech enthusiasts and importers. With the thoughtful exemptions in place, you can now navigate the import process with ease and confidence, ensuring that the latest tech innovations find their way into your hands without unnecessary worries or red tape.
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Shalaka Joshi is the founder of Finsmart Accounting and operates in the capacity of Director. A Chartered Accountant passionate about outsourcing and problem-solving, Shalaka has more than 20 years of experience in the field of accounting, payroll and MIS reports.
