The Ministry of Finance, Department of Revenue, has released a notification to increase the standard tariff for Liquified Petroleum Gas (LPG) falling under certain tariff items in the First Schedule of the Customs Tariff Act, 1975. The notification aims to address the need for an increase in import duties on LPG and takes immediate action in this regard.
Import Duty Increase: The notification directs an increase in the import duty leviable on LPG falling under tariff items 2711 19 10, 2711 19 20, and 2711 19 90 of the First Schedule to the Customs Tariff Act, 1975. The existing entry in column (4) against these tariff items, which previously indicated the import duty percentage, will be substituted with “15%.”
Effective Date: The notification shall come into force on the 1st day of July, 2023. Importers and stakeholders involved in LPG trade should take note of this effective date for compliance purposes.
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 40/2023-Customs | Dated: 30th June, 2023
G.S.R. 469(E).—WHEREAS, the Central Government on being satisfied that the import duty leviable on Liquified Petroleum Gas falling under tariff items 2711 19 10, 2711 19 20 and 2711 19 90 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), should be increased and that circumstances exist which render it necessary to take immediate action.
NOW, therefore, in exercise of the powers conferred by sub-section (1) of section 8A of the said Customs Tariff Act, the Central Government, hereby directs that the First Schedule to the said Customs Tariff Act, shall be amended in the following manner, namely:-
In the First Schedule to the said Customs Tariff Act, in Chapter 27, for the entry in column (4) occurring against tariff items 2711 19 10, 2711 19 20 and 2711 19 90, the entry “15%” shall be substituted.
2. This notification shall come into force on the 1st day of July, 2023.
[F. No. 349/01/2023-TRU]
AMREETA TITUS, Dy. Secy.
