May 19, 2021 3:00:12 am
Importers taking advantage of concessional rate of import duty will have to give prior information to Customs officers about goods being imported and also its estimated quantity and value, the Central Board of Indirect Taxes and Customs (CBIC) has said.
The CBIC has amended the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, which lay down the procedures and manner in which an importer can avail the benefit of a concessional duty on import of goods required for domestic production of goods or providing services.
A 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 micro, small and medium enterprises (MSME) sector which did not have the complete manufacturing capability in-house.
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