GSTnews item18 May 2021

Importers to make prior disclosure to customs to avail concessional duty on goods: CBIC

News Update

Importers to make prior disclosure to customs to avail concessional duty on goods: CBIC

Published Date: May 19, 2021
Source: ICAI PD Committee
Importers taking advantage of concessional rate of import duty will have to give prior information to the customs officers about goods being imported and also its estimated quantity and value, the CBIC has said. The Central Board of Indirect Taxes and Customs (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. 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'. The absence of this facility had earlier constrained the industry, especially those in the MSME sector which did not have the complete manufacturing capability in-house.
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