Where the importer does not claim exemption from the additional duty of customs leviable under section 3 of the Customs Tariff Act, 1975 (51 of 1975), he shall be deemed not to have availed the exemption from the duty specified in the First Schedule to the said Customs Tariff Act for the purpose of calculation of the said additional duty of customs.
Section 74 and Section 75 of the Customs Act, 1962 have been amended by Finance Act, 1995 and a new section 75A has been introduced. Some of the significant changes are as under
I am directed to invited your attention to the provisions of the Finance Bill, 1995, which sought to introduce a new section 28AA in the Customs Act. 1962 for the purposes of levy of interest on delayed payments of confirmed demands by the assesses, and to say that
I am directed to say that the Finance Bill 1995 has received the assent of the President of India on 26.5.1995 and with the coming into force of the Finance Act 1995 Chapter 98 of the Custom Tariff Act, 1975 stands amended such that vide NOTE 4″ goods imported through courier service” are excluded from the said Chapter. Accordingly, Imports by courier shall NOT henceforth be classified as
The Board has had the occassion to examine the question of assessment of goods imported in unassembled form, particularly in the context of certain recent imports of cars in SKD kits form with the omission of a few parts like the batteries and tyres
The undersigned is directed to say that in terms of the amended section 142 of the customs Act, 1962, in addition to the existing modes of recovery of govt. dues mentioned therein, a provision has been made to empower custom officers to attach and sell the
Circular No. 130/41/95-CX Your attention is invited to the Finance Act, 1995 wherein a new section 11BB under Central Excise & Salt Act, 1944 wherein a new section on delayed refunds. Which the enactment of the Finance Act, the the Department has become liable to pay interest at the prescribed rate in case of various types of refund which are not processed within three months from the date of the receipt of refund applications under section 11BB of CE & SA, 1944, till the date of refund of such duty.
