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of <h1>India Updates Customs Rules 2017: New Definitions, Record-Keeping, and Job Work Provisions for Importers Effective February 2021.</h1> The Government of India has amended the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017, effective February 2, 2021. Key changes include definitions for 'capital goods,' 'job work,' and 'manufacture,' and new rules for importers to provide prior information to customs authorities. Importers must now maintain records of imported goods, including those sent for job work, and submit quarterly returns. A new rule allows imported goods to be sent for job work, with a maximum period of six months. Importers are liable for penalties if they contravene these rules, and depreciation rates for capital goods have been specified.
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