Rationalization Of Concessional Duty Rules

• Procedural Simplification of Customs Exemptions
• Mechanism for disposal of old and used capital goods, imported at exempted rates introduced.

India has been using fiscal incentives for promotion of sectoral growth for more than 50 years. These incentives have come in the form of concessions in duties and taxes on the goods and services required by the production or service units. The beneficiaries have included producers of semi-conductors, telecom equipment, cellular mobile phones, video games, electronic toys, medical equipment, aircraft, oceangoing vessels, batteries, electrically operated vehicles, silk textiles, soaps and oleochemicals, fertilizers and others. With a view to ensure that the incentives reach the correct hands, the procedural framework has been notified under the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.