CBIC Extends Exemption Period for Specified Goods Deposits u/s 51A(4) of Customs Act until March 01, 2024 [Read Order]

The Central Board of Indirect Taxes and Customs ( CBIC ) had notified the extension of the exemption period for the specified goods deposits under the Section 51A(4) of Customs Act, 1962. The period has been extended to March 1st 2024. The same has been conveyed through the notification no. 06/2024-Customs (N.T.) dated January 19, 2024 on official gazette.

This extension of exemption applies to the following goods:

1. Goods imported or exported in customs stations where customs automated systems are not in place.
2. Accompanied baggage.
3. Deposits other than those used for making payment of:
4. Any duty of customs, including cesses and surcharges levied as duties of customs.
5. Integrated tax
6. Goods and Service Tax Compensation Cess.
7. Interest, penalty, fees, or any other amount payable under the said Act, or the Customs Tariff Act, 1975 (51 of 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.

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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