Sign In
Learn bits
Economy
Pradeep Kumar

19/05/21 09:20 AM IST

Customs(Import of Goods at Concessional Rate of Duty) Rules,2017

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 2nd 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.
Source: PIB

More Related Current Affairs View All

05 May

Key objectives of caste count

'The Union Cabinet has decided that the next Census will include questions on caste to its enumeration of India’s population, for the first time in almost a century. ' T

Read More

05 May

2 new genome-edited rice varieties

'Agriculture Minister Shivraj Singh Chouhan recently released two genome-edited varieties of rice, the first achievement of its kind in the country.' These two varieties, which

Read More

05 Mar

First-ever comprehensive survey of India’s river dolphins

'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps