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of <h1>New 50% Export Duty on Molasses Announced in Customs Tariff Act Amendment, Effective January 18, 2024.</h1> The Central Government has issued Notification No. 01/2024-Customs, dated January 15, 2024, to amend the Second Schedule of the Customs Tariff Act, 1975. This amendment introduces an export duty of 50% on molasses (HS 1703), a byproduct of sugar extraction or refining. The decision is based on the government's assessment that immediate action is necessary to impose this duty. The amendment will take effect on January 18, 2024.
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