It is most important to apprise you that all the conditional customs duty exemptions, existing on March 28, 2021, will end on January 31, 2023.
Finance Act 2021 inserted Section 25(4A) in the Customs Act, 1962. The new provision provides that all conditional exemptions will have a life of 2 year from the date of their grant, unless varied, rescinded, or extended. However, for the exemption existing on March 28, 2021, the two years shall be counted from February 1, 2021.
Source Gaba & Co
Latest Posts in "India"
- High Court Clarifies GST Treatment of Corporate Guarantees Without Consideration
- West Bengal AAR Rejects Hotel ITC Advance Ruling Over Pending GST Proceedings
- IMS vs Purchase Register: GST Reconciliation Guide
- Rajasthan AAAR: Compostable Bags Taxable at 5% Only if Biodegradable
- Tamil Nadu AAR: GST on Foreign Director’s Commission, Export Agents Exempt, C&F Taxable
