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        Bills

        CHANGES IN CUSTOMS RULES

        1 February, 2021

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        Budget 2021-22 + FINANCE Bill, 2021

        CHANGES IN CUSTOMS RULES

        A.

        Trade Facilitation- Amendment to IGCR rules, 2017

        1.

        Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 [IGCR Rules] are being amended to provide the following facilities:

        a. to allow job-work of the materials (except gold and jewellery and other precious metals) imported under concessional rate of duty

        b. to allow 100% out-sourcing for manufacture of goods on job-work

        c. to allow imported capital goods that have been used for the specified purpose to be cleared on payment of differential duty, along with interest, on the depreciated value. The depreciation norms would be the same as applied to EOUs, as per Foreign Trade Policy.

         

         

         

        Full Text:

        Budget 2021-22 + FINANCE Bill, 2021

        Concessional import duty rules eased to permit job work and full outsourcing, with clearance on depreciated value subject to differential duty. Amendments to the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 permit job work on imported materials (excluding gold, jewellery and other precious metals), allow full outsourcing of manufacture to job workers, and enable clearance of imported capital goods used for the specified purpose upon payment of differential duty with interest calculated on a depreciated value using depreciation norms aligned to Export Oriented Unit treatment under the Foreign Trade Policy.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Concessional import duty rules eased to permit job work and full outsourcing, with clearance on depreciated value subject to differential duty.

                              Amendments to the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 permit job work on imported materials (excluding gold, jewellery and other precious metals), allow full outsourcing of manufacture to job workers, and enable clearance of imported capital goods used for the specified purpose upon payment of differential duty with interest calculated on a depreciated value using depreciation norms aligned to Export Oriented Unit treatment under the Foreign Trade Policy.


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