The Central Government recently notified exemption for import of motion pictures, music, gaming software for use on gaming consoles printed or recorded on media to India.
The Notification exempts the above items falling under headings 3706 or 8523 of the First Schedule to the Customs Tariff Act, 1975 when imported into India, from so much of the duty of customs as leviable thereon which is specified in the said First Schedule, as is in excess of the duties which would be leviable, if the value of the said goods, for the purposes of sub-section (1) of section 14 of the said Customs Act, were equal to the aggregate of-
(i) the cost of the carrier medium; and
(ii) the freight and insurance charges incurred in respect of the carrier medium.
However, it was clarified that the exemption would not be applicable to motion pictures, music or gaming software imported in a pre-packaged form for retail sale.
The Notification shall be applicable from 1st July 2017.
Read the full text of the Notification below.
