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The CBIC vide Circular No. 10/2021 – Customs dated 17 May 2021 has clarified certain aspects in relation to amendments in the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021 (‘IGCR Rules’). It has been clarified that these Rules have been amended inter alia as an effort towards creating an enabling environment for the promoting manufacturing by domestic industry to make them competitive globally and also make them self-reliant in furtherance of the goal of Atmanirbhar Bharat.
Following are the key amendments of the IGCR Rules:
The Circular has also clarified the procedure under the IGCR Rules, which has been summarized hereunder:
Lastly, it has also been clarified that the Directorate General of Systems, is in the process of automating and facilitating online submission of compliances prescribed in the rules through the ICEGATE portal, thereby obviating the need for furnishing paper-based documents to the Customs Officer.
The information provided in this update is intended for informational purposes only and does not constitute legal opinion or advice. Readers are requested to seek formal legal advice prior to acting upon any of the information provided herein. This update is not intended to address the circumstances of any particular individual or corporate body. There can be no assurance that the judicial/ quasi judicial authorities may not take a position contrary to the views mentioned hereinrra quis.
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