Integrated tax and compensation cess substitution clarifies tax treatment for temporary vehicle imports going forward. Amends notification No. 296/76 by adding the Customs Tariff Act as a statutory authority and substituting the phrase 'additional duty' with 'integrated tax and goods and services compensation cess' to align exemption provisions for temporary importation of private road vehicles with current tax terminology; the amendment is effective from 1 January 2019 and is noted as having retrospective effect by later finance legislation.
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Provisions expressly mentioned in the judgment/order text.
Integrated tax and compensation cess substitution clarifies tax treatment for temporary vehicle imports going forward.
Amends notification No. 296/76 by adding the Customs Tariff Act as a statutory authority and substituting the phrase "additional duty" with "integrated tax and goods and services compensation cess" to align exemption provisions for temporary importation of private road vehicles with current tax terminology; the amendment is effective from 1 January 2019 and is noted as having retrospective effect by later finance legislation.
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