Key Compliances under Customs Act, 1962
The Customs Act in India originated under colonial administration to regulate maritime trade and collect duties, and was comprehensively modernized after independence to support economic policy and border control. It establishes the legal framework for import and export procedures, valuation, classification of goods, and levy of customs duties. The Act empowers customs authorities to prevent smuggling, enforce prohibitions and restrictions, and ensure compliance with trade laws.
Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017
The Central Government, under powers conferred by Section 156 of the Customs Act, 1962, introduced these rules through G.S.R. 803(E) dated 30th June, 2017. The primary objective was to streamline procedures for availing concessional duty exemptions, ensuring transparency, accountability, and compliance in the utilization of imported goods.