Budget 2024: Explanatory Memorandum to Notification Nos. 29 to 39-Customs, dated the 23rd July, 2024 and Explanatory Memorandum to Notification Nos. 51/2024-Customs (N.T.), dated the 23rd July, 2024
On July 23, 2024, several important amendments to customs regulations were introduced through Notifications Nos. 29 to 39-Customs and Notification No. 51/2024-Customs (N.T.). These updates include revisions to existing notifications such as the duty-free import of commercial samples (No. 29/2024), changes in Basic Customs Duty (BCD) rates (No. 30/2024), and adjustments to the India-UAE Comprehensive Economic Partnership Agreement (CEPA) rates (No. 31/2024). Other amendments address Additional Import Duty Cess (AIDC) (No. 32/2024), concessional rates for precious metals (No. 33/2024), and electronics-related notifications (No. 34/2024). Additionally, Health Cess revisions (No. 35/2024), exemptions for critical minerals (No. 36/2024), and export duties on raw hides (No. 37/2024) were included. Notifications No. 38/2024 and No. 39/2024 extend validity and re-import periods. The Explanatory Memorandum to Notification No. 51/2024-Customs (N.T.) introduces a New Shippers Review process under the Customs Tariff Rules, 1995, aiming to enhance tariff assessment efficiency.
Explanatory Memorandum to Notification Nos. 29 to 39-Customs, dated the 23rd July, 2024: –
| S. No. | Notification No. | Description |
| 1. | 29/2024-Customs dated 23rd July, 2024 | Seeks to amend notification No. 154/94-Customs dated the 13th July, 1994 which provides for duty free import of commercial samples. |
| 2. | 30/2024-Customs dated 23rd July, 2024 | Seeks to further amend notification No. 50/2017-Customs dated the 30th June, 2017, so as to notify BCD related changes. |
| 3. | 31/2024-Customs dated 23rd July, 2024 | Seeks to amend notification No. 22/2022-Customs dated 30th April, 2022 to revise rates under India-UAE CEPA. |
| 4. | 32/2024-Customs dated 23rd July, 2024 | Seeks to amend notification No. 11/2021-Customs dated 1st February, 2021 so as to revise AIDC applicable on certain items. |
| 5. | 33/2024-Customs dated 23rd July, 2024 | Seeks to amend notification No. 57/2000-Customs dated 8th May 2000, which provides concessional rate for gold, silver and platinum imported under specified schemes. |
| 6. | 34/2024-Customs dated 23rd July, 2024 | Seeks to amend notification related to electronics including Nos. 25/1999-Customs, 25/2002-Customs and 57/2017- Customs. |
| 7. | 35/2024-Customs dated 23rd July, 2024 | Seeks to amend notification No. 8/2020-Customs dated 1st February, 2020 in order to revise Health Cess on certain items. |
| 8. | 36/2024-Customs dated 23rd July, 2024 | Seeks to provide exemption/concessional rate of BCD and SWS to critical minerals. |
| 9. | 37/2024-Customs dated 23rd July, 2024 | Seeks to amend notification no. 27/2011-Customs dated 1st March, 2011 in order to amend the export duty on specified items of raw hides, skins and leather. |
| 1. | 38/2024-Customs dated 23rd July, 2024 | Seeks to amend 32 notifications in order to extend their validity to a further period and amend notification No. 153/94-Customs to extend the time period for re-export of certain foreign origin goods when imported for maintenance, repair and overhaul. |
| 2. | 39/2024-Customs dated 23rd July, 2024 | Seeks to amend notification No. 45/2017-Customs dated 30th June, 2017 in order to extend the time period of re-import. |
Explanatory Memorandum to Notification Nos. 51/2024-Customs (N.T.), dated the 23rd July, 2024: –
| S. No. | Notification No. | Description |
| 1 | 51/2024-Customs (N.T.) dated 23rd July, 2024 | Seeks to amend Customs Tariff (Identification, Assessment and Collection Countervailing Duty on Subsidized Articles and for Determination of Injury) Rules, 1995 to provide for New Shippers Review. |
