The Hon’ble Finance Minister, Ms. Nirmala Sitharaman, in her Budget Speech had announced that a review of existing Customs exemption notifications would be undertaken through extensive consultations. In respect thereto, certain Customs exemptions have been identified for purpose of further review. Some key products covered under the list include fabrics, games/sports requisites, rubber items, magnetron for microwave manufacturing, specified parts for PCB, set-up box, routers, broadband modem, artificial kidneys, etc. In total, the Government has determined 97 exemptions under various notifications as of now.
The Government has further invited suggestions from the trade and industry in respect of their review, which may include the need for amendment in wording of the notification for bringing clarity, consolidation, other relevant factors such as extent of use, etc. The Government has required the trade to suggest the suitable actions in the Notifications and the justification for such actions by 10 August 2021.
Disclaimer:
The information provided in this update is intended for informational purposes only and does not constitute legal opinion or advice. Readers are requested to seek formal legal advice prior to acting upon any of the information provided herein. This update is not intended to address the circumstances of any particular individual or corporate body. There can be no assurance that the judicial/ quasi judicial authorities may not take a position contrary to the views mentioned hereinrra quis.
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