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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2016: Customs Act Amendments Introduce New Warehouse Classes, Extend Warehousing, Revise Duty Rates, and Simplify Licensing.</h1> The Finance Bill, 2016 introduces numerous amendments to the Customs Act, 1962, and the Customs Tariff Act, 1975. Key changes include the introduction of new warehouse classes under physical control, the omission of certain sections related to warehousing, and the extension of warehousing periods for specific goods. Amendments also allow deferred payment of customs duties and simplify licensing processes. The bill revises duty rates for various goods, including electronics, textiles, and chemicals, and introduces new tariff lines. Additionally, specific exemptions and conditions are outlined for imports related to defense, petroleum exploration, and ship repair units.
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