The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for the listed goods to be exempt from deposits until July 1st 2023 in compliance with Section 51A(4) of the Customs Act of 1962, which takes effect on April 26, 2023.
The CBIC is in the position of implementing the different indirect tax regulations to make sure that the taxpayers comply with them. Besides, as a support to legal trade and commerce, it is also in charge of collecting and managing indirect tax revenue, combating smuggling and other types of tax evasion.
As per the Principal Notification No.19/2022-Customs (N.T.) dated the 30th March 2022, specific goods were exempted under Section 51A(4) of Customs Act, 1962. Some of them are goods imported or exported in customs stations where the customs automated system is not in place, accompanied baggage.etc.
Further other than those used for making payment of any duty of customs, including cesses and surcharges of customs, integrated tax, Goods and Service Tax Compensation Cess, interest, penalty, or any other amount payable under the Customs Act, or the Customs Tariff Act, 1975.
Section 51A of Customs Act discusses ways to pay taxes, interest, penalties, and other fees. The central board has the authority to make essential changes as needed under section 51A(4). The current notification was sent out in the same circumstance.
In addition to guaranteeing compliance with customs rules and prohibiting the unlawful movement of goods, the Customs Act is essential in regulating and facilitating trade and commerce across India’s borders.
The CBIC is authorised under the Customs Tariff Act to fix the tariff value of commodities, which is used to calculate the amount of customs tax that must be paid on those goods. The tariff value is changed on a regular basis and is based on the current market prices for such goods.
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