The Ministry of Finance, Department of Revenue, has issued a significant notification, No. 60/2023-Customs, dated 19th October, 2023, aimed at amending Notification No. 50/2017-Customs. These amendments have been introduced to implement the recommendations made by the GST Council during its 52nd Meeting concerning changes in GST rates on goods. In this article, we will delve into the details of this notification and its potential implications.
Detailed Analysis:
1. Amendment Summary: Notification No. 60/2023-Customs, issued under the authority of the Customs Act, 1962 and the Customs Tariff Act, 1975, seeks to amend the existing Notification No. 50/2017-Customs. The primary objective of this amendment is to align customs regulations with the recommendations made by the GST Council regarding changes in GST rates on various goods.
2. Specific Amendment: The notification introduces a new entry, Sl. No. 551 A, which relates to “Foreign Going Vessel converted for a coastal run.” The entry outlines specific conditions, including a requirement for the vessel to re-convert to a foreign-going vessel within six months from the date of conversion. Explanations for terms like “Foreign going vessel” and “Conversion to coastal Vessel” are provided for clarity.
3. Changes in Lists: The notification also brings changes to Lists 34A and 34B. In List 34A, the existing entries are substituted with a new set of banks, while in List 34B, item number 2 and its related entries are omitted.
4. Effective Date: Notification No. 60/2023-Customs is slated to come into force from the 20th day of October, 2023, making it imperative for concerned parties to familiarize themselves with the amendments and ensure compliance.
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Seeks to amend notification no. 50/2017-Customs in order to implement recommendations made by the GST Council during its 52nd Meeting with respect to GST rates on goods.
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 60/2023-Customs | Dated: 19th October, 2023
G.S.R. 758(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Notification No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E), dated the 30th June, 2017, namely :-
In the said notification, in the Table, after the entry 551 and the entries relating thereto, the following Sl. No. and entries shall be inserted namely: –
|
(1) |
(2) | (3) | (4) | (5) | (6) |
| “551 A. | 8901 | Foreign Going Vessel converted for a coastal run:
Provided that such vessel re-converts to a foreign going vessel within six months from the date of such conversion. Explanation. – For the purpose of this entry, (i) “Foreign going vessel” shall have the same meaning as assigned to it under clause (21) of Section 2 of the Customs Act1962. (ii) “Conversion to coastal Vessel” shall include the vessel granted necessary license under the Merchant Shipping Act,1958 |
– | Nil | -”; |
2. in the Annexure, –
(I) in List 34A, with effect from 1stApril, 2023 for the Financial Year 2023-24, the following entries shall be substituted, namely :-
“1. Axis Bank Limited
2. Bank of India
3. Federal Bank Limited
4. HDFC Bank Limited
5. Industrial and Commercial Bank of China Limited
6. ICICI Bank Limited
7. IndusInd Bank Limited
8. Indian Overseas Bank
9. Kotak Mahindra Bank Limited
10. Karur Vysya Bank Limited
11. Punjab National Bank
12. RBL Bank Limited
13. State Bank of India
14. Union Bank of India
15. Yes Bank Limited”
(II) in List 34B, item number 2 and the entries relating thereto shall be omitted.
3. This notification shall come into force with effect from the 20th day of October, 2023.
[F. No. CBIC-190354/195/2023-TO(TRU-II)]
VIKRAM WANERE, Under Secy.
Note: – The principal notification No. 50/2017-Customs, dated the 30th June, 2017 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 785(E)., dated the 30th June, 2017 and was last amended vide notification No. 54/2023-Customs, dated the 14th September, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 668(E)., dated the 14th September, 2023.
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MINISTRY OF FINANCE
(Department of Revenue)
CORRIGENDUM
New Delhi, the 15th March, 2024
G.S.R. 210(E).—In the notification of the Government of India, Ministry of Finance (Department of Revenue) No. 60/2023-Customs, dated the 19nd October, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 758(E), dated the 19th October, 2023, at the page number 3, in Line 18 :-
for
“(I) in List 34A, for the entries, the following entries shall be substituted, namely :-”
read
“(I) in List 34A, with effect from 1stApril, 2023 for the Financial Year 2023-24, the following entries shall be substituted, namely :-”
[F. No. CBIC- 190354/195/2023-TO (TRU-II)]
VIKRAM VIJAY WANERE, Under Secy.
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