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of <h1>Amendment to Section 25 of Customs Act: New Exemption Rules for Trade Agreements and Government Schemes</h1> Clause 123 of the Finance Bill, 2023, proposes an amendment to section 25 of the Customs Act, 1962. It introduces a new proviso in sub-section (4A) to exclude specific categories of conditional exemptions from its application. These categories include exemptions related to multilateral or bilateral trade agreements, international obligations, privileges of constitutional authorities, schemes under the Foreign Trade Policy, Central Government schemes valid for over two years, re-imports, temporary imports, and goods imported as gifts or personal baggage. The amendment also addresses duties under existing laws, excluding those under section 12 of the Customs Act.
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