Dear Sir,
We are producing synthetic filaments falls under under Chapter 54. Ministry of Finance has issued Notification No: 80/2017 dated 27.10.2017 announcing the increase of import duty for certain products especially in Chapter 54 from 7.5% to 20%.
We understand that the above the ministry has proposed to increase the tariff but this will be amended only after issuing Effective rate Notification. Is it right? If so, normally how long the department will issue the effective rate notification.
Kindly advise.
Import Duty on Synthetic Filaments Increased to 20% Effective 27.10.2017; Refer to Notification No. 82/2017 for Details. A query was raised regarding the increase in import duty for synthetic filaments under Chapter 54, as per Ministry of Finance Notification No: 80/2017, which raised the duty from 7.5% to 20%. The concern was about when the effective rate notification would be issued. Responses indicated that the notification is effective from its issue date, 27.10.2017, unless specified otherwise. It was also suggested to refer to Custom Notification No. 82/2017 for further clarification. The discussion highlighted that implementation could be immediate or specified in the notification. (AI Summary)
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