{"id":2082,"date":"2021-02-08T06:47:36","date_gmt":"2021-02-08T06:47:36","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=2082"},"modified":"2021-02-09T05:54:22","modified_gmt":"2021-02-09T05:54:22","slug":"customs-import-of-goods-amendment-rules-2021","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/customs-import-of-goods-amendment-rules-2021\/","title":{"rendered":"Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules 2021 Notified by CBIC"},"content":{"rendered":"\n<p class=\"has-drop-cap\">In furtherance to the <strong>Union Budget 2021<\/strong>, as announced by our Union Finance Minister, <strong>Ms Nirmala Sitharaman<\/strong>, the Central\nGovernment has decided to amend the provisions of the Customs (Import of Goods\nat Concessional Rate of Duty) Rules 2017. Further, the amended regulations will\nbe termed as Customs (Import of Goods at Concessional Rate of Duty) Amendment\nRules 2021, and had been enforced from 02.02.2021.<\/p>\n\n\n\n<p>For amending the regulations, government has\nexercise the powers provided by way of section 156 of the Customs Act 1962.<\/p>\n\n\n\n<p>In this blog, we will discuss in the detail the\namendments and changes made by CBIC in Customs (Import of Goods at Concessional\nRate of Duty) Amendment Rules 2021.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4e0b2317520\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4e0b2317520\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/customs-import-of-goods-amendment-rules-2021\/#Key_Provisions_of_Customs_Import_of_Goods_at_Concessional_Rate_of_Duty_Amendment_Rules_2021\" title=\"Key Provisions of Customs (Import of Goods at Concessional Rate of Duty)\nAmendment Rules 2021\">Key Provisions of Customs (Import of Goods at Concessional Rate of Duty)\nAmendment Rules 2021<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/customs-import-of-goods-amendment-rules-2021\/#Insertion_of_Clause_aa_in_Rule_3\" title=\"Insertion of Clause (aa) in Rule 3\">Insertion of Clause (aa) in Rule 3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/customs-import-of-goods-amendment-rules-2021\/#Insertion_of_Clause_ca_in_Rule_3\" title=\"Insertion of Clause (ca) in Rule 3\">Insertion of Clause (ca) in Rule 3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/customs-import-of-goods-amendment-rules-2021\/#Substitution_of_Clause_e_in_Rule_3\" title=\"Substitution of Clause (e) in Rule 3\">Substitution of Clause (e) in Rule 3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/customs-import-of-goods-amendment-rules-2021\/#Substitution_of_Clause_f_in_Rule_3\" title=\"Substitution of Clause (f) in Rule 3\">Substitution of Clause (f) in Rule 3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/customs-import-of-goods-amendment-rules-2021\/#Substitution_of_Rule_4\" title=\"Substitution of Rule 4\">Substitution of Rule 4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/customs-import-of-goods-amendment-rules-2021\/#Substitution_of_Rule_6\" title=\"Substitution of Rule 6\">Substitution of Rule 6<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/blog\/customs-import-of-goods-amendment-rules-2021\/#Insertion_of_Rule_6A\" title=\"Insertion of Rule 6A\">Insertion of Rule 6A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/blog\/customs-import-of-goods-amendment-rules-2021\/#Insertion_of_Sub_Rule_3_in_Rule_7\" title=\"Insertion of Sub Rule (3) in Rule 7\">Insertion of Sub Rule (3) in Rule 7<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/blog\/customs-import-of-goods-amendment-rules-2021\/#Insertion_of_Sub_Rule_2_in_Rule_8\" title=\"Insertion of Sub Rule (2) in Rule 8\">Insertion of Sub Rule (2) in Rule 8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/blog\/customs-import-of-goods-amendment-rules-2021\/#Insertion_of_Rule_8A\" title=\"Insertion of Rule 8A\">Insertion of Rule 8A<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/blog\/customs-import-of-goods-amendment-rules-2021\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Provisions_of_Customs_Import_of_Goods_at_Concessional_Rate_of_Duty_Amendment_Rules_2021\"><\/span>Key Provisions of Customs (Import of Goods at Concessional Rate of Duty)\nAmendment Rules 2021<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The key provisions of Customs (Import of Goods at\nConcessional Rate of Duty) Amendment Rules 2021 are as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insertion_of_Clause_aa_in_Rule_3\"><\/span>Insertion of Clause (aa) in Rule 3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The newly inserted clause (aa) deals with Capital\nGoods. It means those goods whose value has been capitalised in the importer\u2019s\nbooks of account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insertion_of_Clause_ca_in_Rule_3\"><\/span>Insertion of Clause (ca) in Rule 3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The newly inserted clause (aa) deals with Job Work. It means treatment, process, or manufacture that is consistent with the exemption notification accepted by a person on the goods belonging to the importer, except in the case of gold, jewellery, and articles thereof, and other precious metals, or stones.<\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/customs-tariff-amendment-rules-2021-notified-by-cbic\/\">Customs Tarrif Amendment Rules 2021 by CBIC<\/a><\/mark><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Substitution_of_Clause_e_in_Rule_3\"><\/span>Substitution of Clause (e) in Rule 3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Based on the newly passed regulations, the\ndefinition of the term Manufacture, provided under clause (e) in Rule 3 will be\nsubstituted with a new one.<\/p>\n\n\n\n<p>Further, as per the new definition, the term\nmanufacture means the processing of raw materials or the inputs by an importer\nin any manner, which results in the emergence of a new product, which have a\ndistinct nature, or character, or use, or name.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Substitution_of_Clause_f_in_Rule_3\"><\/span>Substitution of Clause (f) in Rule 3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Based on the newly passed regulations, the definition\nof the term Output Service, provided under clause (f) in Rule 3 will be\nsubstituted with a new one.<\/p>\n\n\n\n<p>Further, as per the new definition, the term Output\nService means the supply of service, excluding the after sales service and utilizing\nimported goods.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Substitution_of_Rule_4\"><\/span>Substitution of Rule 4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Based on the newly passed regulations, the provision\nof Rule 4 are substituted with a new one. Further, the Rule 4 of Customs\n(Import of Goods at Concessional Rate of Duty) Amendment Rules 2021 deals with the\nduty of the importer to give prior information.<\/p>\n\n\n\n<p>Under this rule, it is the duty of the Importer to\nfurnish information and details concerning whether the imports goods will be\nput to use for manufacture or for rendering output service. Such an information\nand detail will be furnished to Deputy Commissioner of Customs and Assistant\nCommissioner of Customs, who is having jurisdiction over the premises. Further,\nthe term details will include the particulars as follows:<\/p>\n\n\n\n<ul><li>Name and Address\nof the Importer and Job Worker,, if in case any;<\/li><li>The goods\nproduced or any process undertaken at the Manufacturing premises of the\nImporter or his Job worker, if in case any, or both;<\/li><li>The description\nand nature of the goods imported and used in Manufacturer premises;<\/li><li>The nature of\nthe rendered output services by utilising imported goods;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Substitution_of_Rule_6\"><\/span>Substitution of Rule 6<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Based on the newly passed regulations, the provision\nof Rule 6 are substituted with a new one. Further, the Rule 6 of Customs\n(Import of Goods at Concessional Rate of Duty) Amendment Rules 2021 deals with\nthe duty of the importer to furnish details of the imported goods and maintain\nrecords accordingly. <\/p>\n\n\n\n<p>The importer needs furnish such details within 2\ndays of to use for manufacture of goods or for job work or for rendering output\nservice to the Jurisdictional Customs Officer.<\/p>\n\n\n\n<p>Further, it is necessary for the importer to\nmaintain an account and clearly specify the details concerning the goods\nimported as follows:<\/p>\n\n\n\n<ul><li>Quantity and\nValue of the Goods Imported;<\/li><li>Quantity of\nImported Goods Consumed;<\/li><li>Quantity of\nGoods sent for Job Work, together with the nature of work carried out;<\/li><li>Quantity of\nGoods received after Job Work;<\/li><li>Quantity of\nGoods re-exported, if in case any, under Rule 7;<\/li><li>Quantity of\nremaining stock, based on Bill of Entry;<\/li><\/ul>\n\n\n\n<p>Such an information and detail will be furnished to\nDeputy Commissioner of Customs and Assistant Commissioner of Customs, who is\nhaving jurisdiction over the premises.<\/p>\n\n\n\n<p>Also, it shall be compulsory for the importer to\nsubmit a quarterly return regarding the goods, which are put to use for\nmanufacturing goods or for rendering output service, by the tenth of the\nfollowing quarter.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insertion_of_Rule_6A\"><\/span>Insertion of Rule 6A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Based on the newly passed regulations, after Rule 6,\na new Rule named 6A has now been inserted. This rule specifies the procedure to\nbe followed for allowing Imported Goods for Job Work.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insertion_of_Sub_Rule_3_in_Rule_7\"><\/span>Insertion of Sub Rule (3) in Rule 7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Based on the newly passed regulations, after Sub Rule (2) of Rule 7, a new sub rule named (3) has been inserted. This particular sub rule deals with the duty of the importer to put the imported goods in use after taking permission either from the Deputy Commissioner of Customs or <a href=\"https:\/\/en.wikipedia.org\/wiki\/Assistant_commissioner\">Assistant Commissioner<\/a> of Customs, who is having jurisdiction over the premises.<\/p>\n\n\n\n<p>Further, this sub rule provides the rates of\ndepreciation to be used in the Straight Line method. Such rates are as follows:<\/p>\n\n\n\n<ul><li>4% for every\nquarter in the first financial year;<\/li><li>3% for every\nquarter in the second financial year;<\/li><li>3% for every\nquarter in the third financial year;<\/li><li>2.5% for every\nquarter in the fourth and fifth financial year;<\/li><li>2% for every\nquarter thereafter;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insertion_of_Sub_Rule_2_in_Rule_8\"><\/span>Insertion of Sub Rule (2) in Rule 8<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Based on the newly passed regulations, a new sub\nrule (2) has been inserted in Rule 8. Further, this sub rules imposes an\nobligation on the importer to use the imported goods in consonance to the\nconditions and stipulation provided in the Exemption Notification.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insertion_of_Rule_8A\"><\/span>Insertion of Rule 8A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Based on the newly passed regulations, after Rule 8,\na new Rule named 8A has now been inserted. This rule specifies the penalty\nclause and states that any importer or job worker who violates any of the\nprovisions mentioned under the said regulations, then, in that case, he\/ she\nwill be held liable for a penalty prescribed under the provisions of section\n158 (2) (ii) of the Act and without any prejudice to the rules made thereunder.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In a nutshell, the said amendment was made in\npursuance to the announcements made by our Union Finance Minister, Ms Nirmala\nSitharaman in the Budget Speech of 2021. <\/p>\n\n\n\n<p>Further, the said amended regulations will be known\nas of Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules\n2021 and had come into force from 02.02.2021. <\/p>\n\n\n\n<p>Lastly, in case of any doubt or complexity, reach out to <strong><a class=\"text-primary\" href=\"https:\/\/swaritadvisors.com\/\">Swarit Advisors<\/a><\/strong>, our experts are there to cater to and solve out all your financial and legal issues.<\/p>\n\n\n<a href=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/Customs-Amendments-2021-Rules-by-CBIC.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">Customs-Amendments-2021-Rules-by-CBIC<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/union-budget-2021\/\">Union Budget 2021: Key Highlights of the First Digital Budget<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In furtherance to the Union Budget 2021, as announced by our Union Finance Minister, Ms Nirmala Sitharaman, the Central Government has decided to amend the provisions of the Customs (Import of Goods at Concessional Rate of Duty) Rules 2017. Further, the amended regulations will be termed as Customs (Import of Goods at Concessional Rate of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2083,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[50],"tags":[350],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2082"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=2082"}],"version-history":[{"count":6,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2082\/revisions"}],"predecessor-version":[{"id":2090,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2082\/revisions\/2090"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/2083"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=2082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=2082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=2082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}