CBIC amends Second Schedule to the Customs Tariff Act to prescribe export duty of 50% on exports of Molasses (HS 1703)
Discover the recent developments in customs regulations with the amendment to the Second Schedule of the Customs Tariff Act. Notification No. 02/2024-Customs, dated 15th January, 2024, introduces a significant change by prescribing a 50% export duty on Molasses (HS 1703). This article delves into the details of this amendment, providing insights into the government’s rationale and the potential impact on exporters and the industry.
Notification Overview: Breaking down Notification No. 02/2024-Customs, we explore the legal amendments made to the existing notifications (48/2021-Customs and 49/2021-Customs). The key change is the introduction of a 50% export duty on Molasses, with amendments in timelines and conditions.
Amendment Details: Analyzing the modifications made to Notification No. 48/2021-Customs and 49/2021-Customs, we highlight the substitution of timelines from “2024” to “2025” and additional conditions imposed on Molasses exports. Insights into the government’s perspective and objectives behind this amendment are discussed.
Implications for Exporters: Understanding the potential repercussions on exporters, we evaluate the impact of the 50% export duty on Molasses. Industries involved in the export of Molasses (HS 1703) may experience changes in pricing strategies and trade dynamics. We delve into how exporters can adapt to this new regulatory landscape.
Government Rationale: Exploring the public interest perspective, we decipher why the Central Government deemed it necessary to impose a 50% export duty on Molasses. Insights into economic considerations, trade balance, and the broader policy framework provide a comprehensive understanding.
Conclusion: The amendment to the Second Schedule of the Customs Tariff Act, introducing a 50% export duty on Molasses (HS 1703), marks a significant shift in trade regulations. As we dissect the intricacies of Notification No. 02/2024-Customs, exporters, industries, and stakeholders gain valuable insights into the government’s policy objectives and the evolving customs landscape. Stay informed about the latest amendments and navigate the changing dynamics of international trade.
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MINISTRY OF FINANCE
(Department of Revenue)
New Delhi
Notification No. 02/2024-Customs | Dated: 15th January, 2024
G.S.R. 40(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) read with section 124 of the Finance Act, 2021 (13 of 2021), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby amends the following notifications of the Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the Table below, to the extent specified in the corresponding entries in column (3) of the said Table, namely:-
TABLE
|
S. No. |
Notification No. and Date | Amendments |
| (1) | (2) | (3) |
| 1. | 48/2021-Customs, dated the 13th October, 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide number G.S.R. 733(E)., dated the 1 3th October, 2021 | In the said notification, in paragraph 2, for the figures “2024”, the figures “2025” shall be substituted; |
| 2. | 49/2021-Customs, dated the 13th October, 2021, published in the Gazette of India, | In the said notification, in paragraph 2, the words, figures, and letters “Provided that nothing contained in |
[F. No. CBIC-190354/9/2024-TO(TRU-I)]
AMREETA TITUS, Dy. Secy.
Note:
1. The principal notification No. 48/2021-Customs, dated the 13th October, 2021, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 733(E), dated the 13th October,2021, and was last amended vide notification No. 39/2023-Customs, dated the 14th June, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 439(E), dated the 14th June, 2023.
2. The principal notification No. 49/2021-Customs, dated the 13th October, 2021, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 734(E), dated the 13th October, 2021, and was last amended vide notification No. 65/2023-Customs, dated the 21st December, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide number G.S.R. 904(E), dated the 21st December, 2023.
