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GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE Notification No. 09/2021 - Customs (N. T.) New Delhi, the 1 st February, 2021 G.S.R (E). - In exercise of the powers conferred by section 156 of the Customs Act, 1962 (52 of 1962), (hereinafter referred to as the said
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FAQ :
These are new rules made by the Central Government to amend the existing Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.
The Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021, came into force on the 2nd of February, 2021.
'Capital goods' are now defined as goods whose value is capitalised in the books of account of the importer.
'Job work' means any treatment, process, or manufacture undertaken by a person on goods belonging to the importer, excluding gold, jewellery, precious metals, or stones, consistent with an exemption notification.
Yes, 'manufacture' is now defined as the processing of raw materials or inputs by the importer in a way that results in a new product with a distinct nature, character, use, or name.
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Notification No : 09/2021 - Customs (N. T.)Published in Custom
Source : https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2021/cs-nt2021/csnt09-2021.pdf