TMI BlogSeeks to further amend Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.X X X X Extracts X X X X X X X X Extracts X X X X ..... e Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021. (2) They shall come into force on the 2nd February, 2021. 2. In the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (hereinafter referred to as the said rules, in rule 3 , - (i) after clause (a), the following clause shall be inserted, namely: - (aa) capital goods means goods, the value of which is capitalised in the books of account of the importer; ; (ii) after clause (c), the following clause shall be inserted, namely: - (ca) job work means any treatment, process or manufacture, consistent with the exemption notification undertaken by a person on goods belonging to the importer except gold, jewellery and articles ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vice rendered utilising imported goods. . 4. In the said rules , for rule 6 , the following rule shall be substituted, namely: - 6. Importer to give information regarding receipt of imported goods and maintain records. - (1) The importer shall provide information of the receipt of the imported goods in the premises, where the imported goods shall be put to use for manufacture of goods or job work or for rendering output service within two days (excluding holidays, if any) of such receipt to the Jurisdictional Customs Officer. (2) The importer shall maintain an account in such manner to clearly indicate the quantity,- i. and value of goods imported; ii. of imported goods consumed; iii. of goods sent for job work, natur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acturing process; iii. quantity and description of the goods intended to be sent to the job worker. (3) The Jurisdictional Customs Officer shall forward a copy of the intimation along with the particulars specified in sub-rules (1) and (2) to the concerned Customs Officer under whose jurisdiction the premises of the job worker is situated. (4) The importer shall send the goods to the premises of the job worker enclosing a challan, specifying the description and quantity of the goods. (5) The maximum period for which the goods can be sent to the job worker shall be six months from the date of issue of challan specified in sub-rule (4). (6) In case the importer is unable to establish that the goods sent for job work have been u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, on the depreciated value allowed in straight line method, as specified below, namely : - (i) for every quarter in the first year @ 4%; (ii) for every quarter in the second year @ 3%; (iii) for every quarter in the third year @ 3%; (iv) for every quarter in the fourth and fifth year @ 2.5%; (v) and thereafter for every quarter @ 2%. Explanation . - (1) For the purpose of computing rate of depreciation for any part of a quarter, a full quarter shall be taken into account. (2) There shall be no upper limit for such depreciation. (3) The depreciation shall be allowed from the date when the imported capital goods have come into use for the purpose as specified in the exemption notification upto the date of its clea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he following form shall be substituted, namely: - Form [See rule 6(3)] QUARTERLY RETURN Sl. No. Bill of Entry No. and date Description of goods imported at concessional rate Opening balance on the 1st day of the quarter Details of goods imported/ consumed/ reexported/ cleared during the quarter Specified purpose for procuring the goods at concessional rate of duty. Goods manufactured during the quarter/Output service provided Whether the goods used for specified purpose or not and in case of export, specify the quantity expo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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