The Central Board of Indirect Taxes and Customs (CBIC) has amended the Concessional Excise Duty rate in order to align with the HS 2022.
The new (seventh) edition of the Harmonized System (HS) nomenclature i.e., HS-2022, shall come into force from January 01, 2022. This edition has introduced significant changes to the Harmonized System with a total of 351 amendments at the six-digit level, covering a wide range of goods moving across borders.
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944, the Central Government, on being satisfied that it is necessary in the public interest so to do, made amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 03/2019-Central Excise, dated the 6th July, 2019.
In the said notification, in the Table, after serial number 26 and the entries relating thereto, the following serial numbers and the entries shall be inserted, namely Serial Number 27 and 28 with the HSN 2404 11 00 and 2404 19 00 respectively for all goods with the rate of 0.5%.
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