Concessional duty: CBIC amends rules

Importers taking advantage of concessional rate of import duty will have to give prior information to the customs officers about goods being imported and also its estimated quantity and value, the CBIC has said.

The Central Board of Indirect Taxes and Customs (CBIC) has amended the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, which lay down the procedures and manner in which an importer can avail the benefit of a concessional duty on import of goods required for domestic production of goods or providing services.

Source: Read Full Article