The brand new notification, efficient November 1, retains present advantages and responsibility exemptions, organising them right into a unified, structured format. Importers, exporters and customs brokers will now want just one notification as an alternative of consulting a number of notifications.
This improvement, whereas technical in nature, is anticipated to enhance the benefit of doing enterprise by streamlining customs procedures and avoiding duplication or conflicting serial references for companies.
The notification has omitted, substituted and amended sure out of date serial numbers for readability and uniformity.
It carries up to date efficient agriculture infrastructure improvement cess (AIDC) charges and tariff references for items similar to tyres, gold, motor automobiles, measuring devices, toys and plane elements.
The notification has additionally revised the definition of ‘nominated company' and added three banks – Sure Financial institution, Indian Abroad Financial institution and Union Financial institution of India – and Handicraft and Handlooms Exports Company of India Ltd, MSTC Ltd and Diamond India Ltd as eligible entities for duty-free imports of gold, silver and platinum.”It is a trade-friendly measure,” CBIC stated in steadily requested questions (FAQs) posted on its web site Saturday. “As a substitute of referring to 31 separate notifications, the exemptions/concessional charges contained in these 31 notifications are actually obtainable on this single notification.”
