SARAL SIMS: Simplifying Steel Imports in India

Introduction to SARAL SIMS

The Ministry of Steel has recently announced a revolutionary registration facility known as 'SARAL SIMS' under the Steel Import Monitoring System (SIMS). This new system, effective from November 21, aims to streamline the registration process for importing small consignments of steel.

Understanding SARAL SIMS

SARAL SIMS is designed to ease the procedural complexities involved in importing small quantities of steel. It also caters to export-focused shipments, operating under frameworks such as Advance Authorization, Special Economic Zones (SEZs), and Export-Oriented Units (EOUs).

Key Features of SARAL SIMS

• Scope: The system applies to steel and iron products classified under Chapters 72, 73, and 86 of the Indian Trade Classification (Harmonized System), 2022.
• Simplified Registration: Importers are required to make a single annual declaration of their intended import quantity. They will receive a SARAL SIMS number, which can be used for multiple consignments throughout the financial year. This innovation removes the previous requirement of generating a new SIMS number for each shipment.
• Annual Return: By April 30 each year, importers must submit an annual return that details the actual imports made against their SARAL SIMS registrations.

Utilizing SARAL SIMS

The SARAL SIMS facility can be utilized in two primary ways:

• Small Imports: Importers can manage consignments up to 10 tonnes, with an annual cap of 500 tonnes for the fiscal year 2025-26, increasing to 1000 tonnes from the fiscal year 2026-27.
• Export Purposes: There are no quantity limits for imports made through Advance Authorization, SEZ, and EOU channels.

By simplifying the registration process and easing restrictions, SARAL SIMS is set to benefit importers, especially those dealing with small consignments and export-oriented operations. For more information, you can read about the complete details at Vajiram and Ravi.