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With reference to the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021, consider the following statements:
1. The imported goods are not permitted to be sent out for job work.
2. It allows 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.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
With reference to the Customs (Import of Goods at Concessional Rate of...
The Government has brought changes in the existing Customs (Import of Goods at Concessional Rate of Duty) Rules, IGCR 2017 to boost trade facilitation.
  • The Central Board of Indirect Taxes and Customs has introduced changes 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.
  • 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 Micro, Small and Medium Enterprises sector which did not have the complete manufacturing capability in-house.
  • 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.
Hence only statement 2 is correct.
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With reference to the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021, consider the following statements:1. The imported goods are not permitted to be sent out for job work.2. It allows 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.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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With reference to the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021, consider the following statements:1. The imported goods are not permitted to be sent out for job work.2. It allows 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.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2025 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021, consider the following statements:1. The imported goods are not permitted to be sent out for job work.2. It allows 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.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021, consider the following statements:1. The imported goods are not permitted to be sent out for job work.2. It allows 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.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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