Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024
CUSTOMS
Note:
(a) “Basic Customs Duty (BCD)” means the customs duty levied under the Customs Act, 1962.
(b) “Agriculture Infrastructure and Development Cess (AIDC)” means a duty of customs that is levied under Section 124 of the Finance Act, 2021.
(c) “Road and Infrastructure Cess (RIC)” means an additional duty of customs that is levied under Section 111 of the Finance Act, 2018.
(d) “Health Cess” means a duty of customs that is levied under Section 141 of the Finance Act, 2020.
(e) “Social Welfare Surcharge (SWS)” means a duty of customs that is levied under Section 110 of the Finance Act, 2018.
(f) Clause Nos. in square brackets [ ] indicate the relevant clause of the Finance (No. 2) Bill, 2024.
(g) Amendments carried out through the Finance (No. 2) Bill, 2024, will come into effect on the date of its enactment, unless otherwise specified.
S.No. | Amendment | Clause of the Finance (No. 2) Bill, 2024 |
| These changes will come into effect from the date of enactment of the Finance (No. 2) Bill, 2024 | |
1. | Section 28DA is being amended to enable the acceptance of different types of proof of origin provided in trade agreements in order to align the said section with new trade agreements, which provide for self-certification. | [100] |
2. | A proviso to sub-section (1) of Section 65 is being inserted to empower the Central Government to specify certain manufacturing and other operations | [101] |
| in relation to a class of goods that shall not be permitted in a warehouse. | |
3. | Section 143AA of the Customs Act is being amended by substituting the expression “a class of importers or exporters” with “a class of importers or exporters or any other persons” for the purpose of facilitating trade. | [102] |
4. | Clause (m) of sub-section (2) of section 157 of the Customs Act is being amended by substituting the expression “a class of importers or exporters” with “a class of importers or exporters or any other persons” | [103] |
Full Text:
Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024
Proof of origin rules updated to accept diverse trade agreement documentation, including self certification, facilitating trade. The Customs Act amendments permit varied forms of
proof of origin, including self certification, to align with trade agreements; empower the Central Government to proscribe specific manufacturing or other operations in warehouses; and expand references from 'a class of importers or exporters' to include 'any other persons,' broadening the scope of certain customs provisions.
TaxTMI 
• Category-wise results to explore all relevant documents on TaxTMI
Help Us Improve - by giving the rating with each AI Result:
TaxTMI 
TaxTMI 
