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Goods imported for any Research and Development Project
Notification
No. 50 dated 23rd July 1996 (As amended by 74/
96-Customs dated 11th September 1996)
In
exercise of the powers conferred by sub-section (1) of section 25 of the Customs
Act, 1962 (52 of 1962), the Central Government, being satisfied that it is
necessary in the public interest so to do, hereby exempts equipment,
instruments, raw materials, components, pilot plant and computer software
(hereinafter referred to as the said goods) and falling within the First
Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India,
from the whole of the duty of customs leviable thereon which specified in the
said First Schedule and from the whole of the additional duty leviable thereon
under section 3 of the said Customs Tariff Act, when imported for any Research
and Development Project (hereinafter referred to as the said project) undertaken
by any company, subject to the following conditions, namely: -
(a)
the said project is undertaken by any company having an in-house Research
and Development unit recognised by the Department of Scientific and Industrial
Research under the Ministry of Science and Technology;
(b)
the said project is funded by the Government of India in a Ministry or
Department, as the case may be, and the share of such Ministry or Department is
not less than twenty per cent, of the total cost of the said project;
(c)
a certificate from a an officer not below the rank of a Deputy Secretary
to the Government of India in the Concerned Ministry or Department, as the case
may be, funding the said project is produced to the Assistant Commissioner of
Customs, in each case, at the time of importation, indicating -
(i)
the total cost of the project;
(ii)
the cost of the project shared by such Ministry or Department, as the case may
be;
(iii)
the value of the goods already imported under this notification;
(iv)
that the goods are imported for the purposes of the said project;
(d)
the goods shall not be sold or transferred to any person or other
organisation for a period of five years from the date of their import;
Provided
that the exemption under this notification shall be available to the said goods
only upto a value equivalent to the cost of the said project shared by the
Concerned Ministry or Department.
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