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        Bills

        CUSTOMS - OTHER MISCELLANEOUS AMENDMENTS

        24 July, 2024

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        Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

        Validation of notifications

        These changes will come into effect from date of enactment of the Finance (No. 2) Bill, 2024.

        S. No.

        Amendment

        Clause of the Finance (No. 2) Bill, 2024

        1.

        Notification No. 37/2023- Customs dated 10.5.23 is being validated for the period from 1st April, 2023 up to and inclusive of 10th May, 2023 to provide exemption from basic customs duty and AIDC on imports of crude soyabean oil and crude sunflower seed oil subject to availability of unutilized quota in TRQ authorization for FY 2022-23 allotted by DGFT and Bill of lading issued on or before 31st March, 2023.

        [105]

        2.

        Based on the recommendation of the GST Council in its 53rd meeting, GST Compensation Cess is being exempted with effect from 1st July, 2017 on imports in SEZ by SEZ units or developers for authorized operations.

        [104]

         

        Full Text:

        Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

        Validation of customs notification restores duty exemption for specified oil imports subject to TRQ and bill of lading conditions. The Finance (No. 2) Bill, 2024 validates Notification No. 37/2023 to confirm exemption from basic customs duty and anti-dumping/countervailing duties on imports of crude soybean oil and crude sunflower seed oil, conditional on unutilized TRQ quota and a bill of lading issued on or before 31 March, 2023; it also exempts GST Compensation Cess on imports into SEZs by SEZ units or developers for authorized operations.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Validation of customs notification restores duty exemption for specified oil imports subject to TRQ and bill of lading conditions.

                              The Finance (No. 2) Bill, 2024 validates Notification No. 37/2023 to confirm exemption from basic customs duty and anti-dumping/countervailing duties on imports of crude soybean oil and crude sunflower seed oil, conditional on unutilized TRQ quota and a bill of lading issued on or before 31 March, 2023; it also exempts GST Compensation Cess on imports into SEZs by SEZ units or developers for authorized operations.


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