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provides that all conditional exemptions will have a life of 2 year from the date of their grant, unless varied, rescinded, or extended.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"
- India’s GST E-Invoice Services Temporarily Unavailable for Maintenance
- India Tests E-Invoicing for Recipient-Generated Reverse-Charge Self-Invoices
- India: FICO Urges Punjab to Clear Pending GST and VAT Refunds
- India: CBIC Clarifies Seven GST Issues on Input Service Distributor Mechanism
- India to Revamp GST Return Forms to Reduce Tax Mismatches
