Tariffisation and withdrawal of conditional exemptions reshape customs duty application and revised IGCR rules. The Finance Bill, 2022 and linked notifications initiate a comprehensive tariffisation moving many unconditional concessional rates into the First Schedule so BCD will largely operate through tariff entries (with many changes effective 1 May, 2022 or immediately under provisional declaration). Numerous conditional exemptions are pruned or phased out with sunset validity under section 25(4A), while sectoral BCD increases, decreases and PMPs for wearables, hearables and smart meters are prescribed. Customs Act amendments clarify assignment and jurisdiction of officers, advance ruling procedures, measures against undervaluation, and create an offence for unauthorised publication of trade data; IGCR Rules are digitised. GST and central excise measures simplify compliance and adjust valuation and fiscal incentives.
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Tariffisation and withdrawal of conditional exemptions reshape customs duty application and revised IGCR rules.
The Finance Bill, 2022 and linked notifications initiate a comprehensive tariffisation moving many unconditional concessional rates into the First Schedule so BCD will largely operate through tariff entries (with many changes effective 1 May, 2022 or immediately under provisional declaration). Numerous conditional exemptions are pruned or phased out with sunset validity under section 25(4A), while sectoral BCD increases, decreases and PMPs for wearables, hearables and smart meters are prescribed. Customs Act amendments clarify assignment and jurisdiction of officers, advance ruling procedures, measures against undervaluation, and create an offence for unauthorised publication of trade data; IGCR Rules are digitised. GST and central excise measures simplify compliance and adjust valuation and fiscal incentives.
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