: CBIC takes steps to boost trade & Industry #FinanceIndia #StockMarketNEWS CBIC takes steps to boost trade & Industry New Delhi, May 19 (KNN) In a bid to boost trade and industry, the Central

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CBIC takes steps to boost trade & Industry #FinanceIndia #StockMarketNEWS
CBIC takes steps to boost trade & Industry New Delhi, May 19 (KNN) In a bid to boost trade and industry, the Central Board of Customs and Indirect Taxes (CBIC) has permitted the imported goods 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, an official statement said on Tuesday.

Importantly, even importers who do not have any manufacturing facility can now avail the IGCR, 2017 to import goods at concessional Customs duty and get the final goods manufactured entirely on job work basis. However, some sectors such as gold, jewellery, precious stones and metals have been excluded.

Another major incentive now provided is to allow those who import capital goods at a concessional Customs duty to clear them in the domestic market on payment of duty and interest, at a depreciated value. This was not allowed earlier and manufacturers were stuck with the imported capital goods after having used them as they could not be easily re-exported.

Further, the procedure for availing the concessional Customs duty under these rules have been reviewed and rationalized. The required intimations and records can be sent by email to the jurisdictional Customs officer thereby obviating any physical interface.

The Finance Minister Nirmala Sitharaman in her Budget Speech this year had announced that the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (IGCR, 2017) would be amended to boost trade facilitation. Accordingly, it had immediately enhanced the scope of these rules on February 2, 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.

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