The Ministry of Finance has clarified that it has amended the Customs (Import of Goods at Concession Rate of Duty) Rules, 2017 (IGCR, 2017).
Accordingly, to boost trade facilitation, the IGCR, 2017 has prescribed the procedures in which an importer can avail concessional rate on Customs duty on import of goods for domestic production of goods or services.
Further, to facilitate MSME sector, now the imported goods have been permitted to be sent out for job work. Even importers not having any manufacturing facility can now avail the benefit of amended IGCR, Rules 2017 to import goods at concessional rate and get the goods manufactured on job work basis.
However, importers importing Capital Goods at concessional duty are allowed to clear them in the domestic market on payment of duty and interest at a depreciated value.
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