Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2022

Last updated: 02 February 2022

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The Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2022, introduce significant changes for importers. These rules, effective from March 1, 2022, require importers to provide one-time information on a common portal to obtain an Import of Goods at Concessional Rate Identification Number (IIN). The amendments also detail procedures for job work, unit transfers, and the re-export or clearance of unutilised or defective goods, including provisions for capital goods.

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE Notification No. 07/2022 Customs (N. T.) New Delhi, 01st February, 2022 G.S.R. 96(E).- In exercise of the powers conferred by section 156 of the Customs Act, 1962 (52 of 1962) (hereinafter referred to as the said Act), the Central Government hereby makes the following rules further to amend the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017, namely: 1. Short title and commencement. (1) These rules

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FAQ :

These rules come into force on the 1st day of March, 2022.

Importers must provide one-time information on the common portal, including details of the importer, job worker (if any), goods imported, applicable exemption notification, nature of output service, and intended ports of import. This information generates an Import of Goods at Concessional Rate Identification Number (IIN).

Importers must maintain records of goods sent for job work and include this in their monthly statement. Goods can be sent under an invoice or e-way bill for a maximum of six months. Job workers must maintain accounts and produce them when required.

Importers have the option to either re-export such goods or clear them for home consumption within six months from the date of import. If cleared for home consumption, applicable duty and interest must be paid.

Depreciation for capital goods is calculated based on a straight-line method, with varying rates per quarter over the first five years and thereafter. Duty payable is the difference between the original leviable duty and the duty already paid, along with interest, on the depreciated value.

In case of non-compliance with conditions or failure to pay the required duty and interest, the Deputy Commissioner or Assistant Commissioner of Customs will invoke the bond to initiate recovery proceedings.