The Central Government has, through a notification in the official gazette, struck off the export duty on Rice of seed quality in the husk (paddy or rough).
The exemption notification stated that, In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 55/2022-Customs, dated the 31st October 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 796(E), dated the 31st October 2022, namely:-
In the said notification, in the TABLE, –
(i) against S. No. 1, in column (2), for the entry, the entry “1006 10 90” shall be substituted;
(ii) after S. No. 1 and the entries relating thereto, the following S. No. and entries shall be inserted”,
1A – 1006 10 10 – Rice in the Husk (paddy or rough), of seed quality – Nil
With regard to applicability and effect, the notification clarified that, “This notification shall come into force on the 11th day of April, 2023.”
Export duty is a tax or fee charged by a government on exported goods. It is generally imposed to protect domestic industries, conserve natural resources, and generate revenue for the government. Changes in export duty can have a significant impact on the economy of a country.
In recent years, there have been several changes in export duty in different countries. Some countries have reduced or eliminated export duties to encourage exports, while others have increased them to protect domestic industries and generate revenue.
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