Why in news?

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

Details

• CBIC had immediately enhanced the scope of these rules on 2^nd February 2021.
  
• 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’.
• 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.