exemption of additional duty of customs under sec.129 of Finance Act 2012

[bkumar kumar]

It is seen from the sec.129 of  Finance Act  that goods described  under  column (1)  of  the second schedule  falling under chapter 89 of the first schedule of CTA 1975  have been exempted from the whole of additional duty of customs leviable thereon during the period  from 1.3.2011  to 16.3.2012 (( as per column (2) of the  second schedule.). .  Kindly clarify  as to whether  total exemption of additional duty of  customs is available  without any conditions as per the Finance  Act and  mail a copy of  the Finance Act  for authority please.

with regards                                                                    (B. KUMAR)

[JAMES PG]

Unconditional exemption form CVD is being extended on import of foreign going vessels for a period from 01.03.2011 to 17.03.2012 under Chapter 89 [Bill entry]

 Ref CBEC Circular  No D.O.F.No.334/ 3/2012-TRU dated 16.03.12

 

AI Summary

Exemption of additional customs duty extended unconditionally for imports of foreign-going vessels under the Finance Act and implementing circular. Exemption of additional duty of customs under section 129 of the Finance Act exempts goods under Chapter 89-imports of foreign-going vessels-from the whole of additional duty for the statutory period; the exemption is unconditional for those bill entries and is implemented by the tax administration via a confirming circular.