We have in-principal approval for customs exemption: JPSI

We have in-principal approval for customs exemption: JPSI

New Delhi: The organizers of the Indian Grand Prix on Wednesday said they have “in-principal approval" for custom exemption and they are even ready to pay whatever duty is required to hold the 30 October race.

A report in a national daily claimed that since the government does not classify Formula One (F1) as a sport, it was not willing to grant any exemption to the organizers and hence Jaypee Sports International Limited (JPSI) will have to pay custom duty on the temporary import of F1 equipment to the country.

However, JPSI today insisted they have support from all quarters. “JPSI has full support from the government, the sports ministry and the customs department for the F1 event scheduled for October this year. We have an in-principle approval from the customs department for creating a customs bonded area for F1 equipment that will be temporarily imported to India," Sameer Gaur, managing director and chief executive officer, JPSI said in a statement.

“If required, as per the law of the land, JPSI will pay customs duties and taxes etc. for the temporary import of equipment. The estimated value of this equipment is about 150 crore and the final duty payable on this will be approximately eight crore," Gaur added.