Enhancement of facilities under the Customs(Import of Goods at Concessional Rate of Duty) Rules, 2017
PrintListen to this Article
The Finance Minister had in her Budget Speech this year announced that the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (IGCR, 2017) would be amended to boost trade facilitation. Accordingly, the Central Board of Customs and Indirect Taxes( CBIC) had immediately enhanced the scope of these rules on 2nd February 2021..
The CBIC has now issued a Circular No.10/2021-Customs, dated 17th May 2021 in order to assist the trade in understanding the improvements in the IGCR, 2017 so that they may make full use of the new facilities. Kindly click here to see the Circular
The IGCR, 2017 lay down the procedures and manner in which an importer can avail the benefit of a concessional Customs duty on import of goods required for domestic production of goods or providing services. One major change that accommodates the needs of trade and industry is that the imported goods have been permitted to be sent out for ‘job work’. The absence of this facility had earlier constrained the industry especially those in the MSME sector which did not have the complete manufacturing capability in-house.
Importantly, even importers who do not have any manufacturing facility can now avail the IGCR, 2017 to import goods at concessional Customs duty and get the final goods manufactured entirely on job work basis.However, some sectors such as gold, jewellery, precious stones and metals have been excluded.
Another major incentive now provided is to allow those who import capital goods at a concessional Customs duty to clear them in the domestic market on payment of duty and interest, at a depreciated value. This was not allowed earlier and manufacturers were stuck with the imported capital goods after having used them as they could not be easily re-exported.
Further, the procedure for availing the concessional Customs duty under these rules have been reviewed and rationalized. The required intimations and records can be sent by email to the jurisdictional Customs officer thereby obviating any physical interface.
The CBIC Circular also mentions that the list of Customs officers overseeing the IGCR, 2017 is available at https://www.cbic.gov.in/htdocs-cbec/home_links/enquiry-points-home.
***
Category : GST | Comments : 0 | Hits : 287
TEST
Dear Taxpayers, 1. GSTN is pleased to inform that an enhanced version of the GST portal would be launched on 3rd May 2024. The effort is to improve user experience and ensure that the information you need is accessible and easy to navigate. 2. Key Enhancements Include (PDF with screenshots attached): i. News and Updates Section: We have introduced a dedicated tab for all news and updates. This section now includes a bet...
The Supreme Court on Friday issued notices to the central government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (its functions have been taken over by the Competition Commission of India) on a petition challenging a Delhi High Court verdict, upholding the constitutional validity of anti-profiteering provisions filed by a real estate company. The petition, filed by Swati Realty, says the high court ...
The delectable Malabar Parota will taste even better with the Kerala High Court ruling that the popular flatbread will attract GST at 5 per cent and not 18 per cent. With this the court has turned down order by the State’s Authority of Advance Ruling (AAR) and Appellate Authority for Advance Ruling (AAAR). Disposing a petition by Kochi-based Modern Food Enterprises, a single judge bench of Justice Dinesh Kumar Singh said if key inputs (cereals, flour, starch, etc) and preparations are s...
A businessman from Delhi was taken into custody by the Noida police for his alleged involvement in a massive Rs 15,000 crore GST fraud that was exposed last year, TOI reported. Tushar Gupta, aged 39 and residing in Tilak Nagar, was arrested as the 33rd suspect in this case. The police revealed that Gupta had exploited input tax credit (ITC) using 35 fake companies, resulting in a loss of Rs 24 crore to the exchequer over the past two years. He was reportedly part of a syndicate that utiliz...
Comments