Recent Steel Import Circulars and Guidelines by Ministry of Steel
In the dynamic landscape of international trade, staying informed about regulatory changes is crucial for businesses. Recently, the Ministry of Steel has issued two significant updates that directly impact steel importers. Let's delve into these clarifications and guidelines to ensure a smooth navigation through the ever-evolving world of trade compliance.
Clarification Regarding Steel Import Regulations
The Ministry of Steel, on 20th October 2023, issued a circular (F.No. S-20011/14/2021 -TECH) outlining crucial regulations for steel importers. The key takeaway is that steel importers without a Bureau of Indian Standards (BIS) license are now required to seek clarification for each imported steel consignment through the QCO Portal.
What does this mean for importers?
Mandatory Clarification: Importers without a BIS license must apply for clarification for each steel consignment.
Specific ITCHS Codes: This mandatory clarification applies only to steel products falling under specific ITCHS codes aligned with Indian Standards notified under the Quality Control Order by the Ministry of Steel.
This regulatory move aims to enhance quality control and ensure adherence to Indian standards, fostering a more robust and standardized steel import process.
Guidelines for Importing Stainless Steel of J3 Grade
Simultaneously, the Central Board of Indirect Taxes and Customs has introduced guidelines under the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023, specifically for Stainless Steel of J3 grade. Let's break down the essentials:
Identification of Goods: Stainless Steel of J3 grade, falling under specific HS Codes, is now identified goods under rule 10 of the Customs Rules.
Key Points for Importers:
- Use the Unique Quantity Code of Kilogram (kg) to declare the value in the bill of entry.
- Mention the grade of Stainless Steel in the bill of entry
- Along with the required documents, you also need to submit the Manufacturer's Invoice, Mill Test Certificate, Positive Material Identification (PMI) Test report, Declaration from the manufacturer if the goods are J3 stock lot/ex stock, and the Purchase Order or Contract.
This order is effective from 29th November 2023 and will remain in force until 28th November 2024.
These guidelines aim to streamline the import process for Stainless Steel of J3 grade, ensuring accurate value declaration and adherence to identified goods regulations.
As regulatory landscapes continue to evolve, it is imperative for steel importers to stay abreast of changes and adhere to the latest guidelines. These recent updates from the Ministry of Steel emphasize the importance of proactive compliance measures. By understanding and implementing these regulations, importers can navigate the complexities of the industry with confidence and ensure seamless trade operations. Stay informed, stay compliant.