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of <h1>New Section 51B in Customs Act: Govt Can Issue Duty Credits for Export Materials, Recorded Electronically, Transferable for Duties.</h1> Section 51B is introduced to the Customs Act, allowing the Central Government to issue duty credits through official notifications. These credits can replace duties, taxes, or levies on materials used in manufacturing or processing goods for export, or provide other financial benefits under specified conditions. The duty credits are recorded in an electronic ledger within the customs automated system, belonging to the recipient. These credits can be used or transferred to pay duties under the Customs Act or Customs Tariff Act, 1975, following prescribed conditions, restrictions, and timeframes.
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