Which of the following statements is/are correct with reference to the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2017?
A. Government of India brought changes in the existing Customs (Import of Goods at Concessional Rate of Duty) Rules, IGCR 2017 to boost trade facilitation.
B. 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.
C. Both A & B
D. None of these
Explanation:
The Government of India 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.
