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Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024
These changes will be effective from 24.7.2024
S. No. | Notification No. | Subject |
1. | Currently, articles of foreign origin can be imported into India for repairs subject to their re-exportation within six months extendable to 1 year. The duration for export in the case of aircraft and vessels imported for maintenance, repair and overhauling has been increased from 6 months to 1 year, further extendable by 1 year. | |
2. | The time-period of duty-free re-import of goods (other than those under export promotion schemes) exported out from India under warranty has been increased from 3 years to 5 years, further extendable by 2 years. | |
3. | The India-UAE CEPA Tariff notification is being amended as consequential changes in duty rates on precious metals. |
Full Text:
Temporary import time limits extended for aircraft, vessels and warranty exports, enabling longer duty-free re-import and repair periods. The notifications extend temporal reliefs and adjust tariffs: aircraft and vessels imported for maintenance, repair and overhaul may remain imported for one year (further extendable by one year), warranty exports qualify for duty free re import for five years (further extendable by two years), and the India-UAE CEPA tariff notification is amended to revise duty rates on precious metals; changes effective 24 July 2024.Press 'Enter' after typing page number.
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