With the aim of promoting India as a manufacturing hub & making the country globally competitive, Central Board of Indirect Taxes (CBIC) has taken an initiative of revamping the Customs Bonded Area with Manufacturing & Other operation in Warehouse Regulation (MOOWR) Scheme by liberalising key compliance requirements.
Salient Feature of The Regulations:
- Deferred duty on imported Raw Materials which will be exempted in case finished goods are exported.
- Deferred Duty on Capital Goods which will be exempted in case finished goods are exported.
- No export obligation
- No Geographical restriction
- Transfer between warehouses is allowed duty free.
- No requirement of Bank Guarantee
With such major benefits, company can avail the concession of duty free import of raw material as well as capital goods by registering under the MOOWR regulations.
Our team provides advisory on the cost benefit analysis under the MOOWR scheme and provides end to end assistance for setting up a unit under the MOOWR regulations.