Customs duty changes and provisional levy: immediate tariff and procedural amendments take effect, altering import duties and processes Immediate tariff and levy adjustments have been prescribed under notifications to implement Finance Bill, 2018 proposals, many effective from 1/2 February 2018 by declaration under the Provisional Collection of Taxes Act, 1931. The measures amend Basic Customs Duty chapter wise (increasing, reducing or exempting specified headings), introduce a Social Welfare Surcharge while abolishing Education Cess and SHE cess, impose a Road and Infrastructure Cess on petrol/diesel with offsetting excise adjustments, and propose extensive Customs Act amendments to modernise procedures (Advance Rulings, Customs Automated System, audit, controlled delivery, inward/outward processing, electronic cash ledger, and exchange of information).
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Customs duty changes and provisional levy: immediate tariff and procedural amendments take effect, altering import duties and processes
Immediate tariff and levy adjustments have been prescribed under notifications to implement Finance Bill, 2018 proposals, many effective from 1/2 February 2018 by declaration under the Provisional Collection of Taxes Act, 1931. The measures amend Basic Customs Duty chapter wise (increasing, reducing or exempting specified headings), introduce a Social Welfare Surcharge while abolishing Education Cess and SHE cess, impose a Road and Infrastructure Cess on petrol/diesel with offsetting excise adjustments, and propose extensive Customs Act amendments to modernise procedures (Advance Rulings, Customs Automated System, audit, controlled delivery, inward/outward processing, electronic cash ledger, and exchange of information).
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