Question: Which of the following statements are true
i) Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021 has brought changes into the IGCR, 2017 rules.
ii) It is done to boost trade facilitation.
a) i
b)ii
c) both
d) none
Ans: c
Facts
- The Government of India recently brought changes to the Customs (Imports of Goods at Concessional Rate of Duty) rules, IGCR 2017 to boost trade facilitation. This was done through the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021.
- The IGCR, 2017 lay down the procedures and manner in which an importer can avail the benefit of a concessional Customs duty on import of goods required for domestic production of goods or providing services.
- Earlier, the concessional customs duty on imports was not provided to those who did not have an in-house manufacturing facility. Now, under the new rules they can now import goods at concessional rates, get the job done in other manufacturing units.
- This will be particularly beneficial for MSMEs.
- However, some sectors such as gold, jewellery, precious stones and metals have been excluded.
By kameshwar shukla
Reference: http://newsonair.com/Main-News-Details.aspx?id=417244