Central Board of Indirect Taxes and Customs issued Notification No. 13/2023- Customs dated February 23, 2023. The current notification is the amendment of Notification No. 50 /2017 –Customs dated June 30, 2017 (“Notification No. 50”) which notified the effective rates of Customs Duty and Integrated Goods and Services Tax (“IGST”) for goods imported into India.
According to the notification, in exercise of the powers conferred by subsection (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub – section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India.
The current notification is to exempt the Basic Customs Duty (BCD) on Vessels and other Floating Structures for Breaking up under the heading 8908 00 00. The exemption lasts till March 31st, 2025 from February 24rd 2023.
Basic custom duty is a tax that is assessed at a set rate based on the value of the goods. The tax is set at a predetermined ad-valorem rate. The Customs Tariff Act of 1975 now governs this tax, which was first levied in 1962 and periodically revised. Any item may be excluded from taxation at the discretion of the central government. From 5% to 40% of the assessable value of the imported goods is the basic customs duty.
The CBIC everytime issues notification based on new amendments or clarifications. Recently the CBIC issued a notification on amendment of Form A where the warehouse licensee has to keep the records of the ex-bond entry/shipping bill entry.
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