The government has relaxed the norms for exported electronic goods, like mobile phone, colour TV, certain medical devices, which need to be imported back for repairs.
The exported electronic goods can now be imported back for repairs within 7 years of its export. Such goods have to be exported back within one year of the import, the notification said.
Earlier, the CBIC permitted imports of such goods within 3 years of their exports and the time period for repair and re-export was 6 months.
The notification will cover goods like xerox machine, printers, mobile phones, colour TV, LCD/LED panels, and medical devices such as hearing aid, ECG and ultrasound machine, MRI apparatus.
The importers of goods for repairs will have to execute a bond to re-export the goods after repairs or reconditioning within one year of import. If they fail to do so, they will have to pay customs duty, the notification said.
EY Tax Partner Abhishek Jain said: "This is quite a welcome move for the manufacturer exporters, who now have a longer buffer period for duty-free reimportation of exported goods and also an extended lead period to undertake repair and reconditioning in India".