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      AMENDMENTS TO THE CUSTOMS ACT, 1962

      24 July, 2024

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      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

      Topics

      ActsIncome Tax
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