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Introduction: The Ministry of Finance, Department of Revenue, recently issued Notification No. 11/2024-Customs dated 19th February, 2024, bringing amendments to tariff rates under the Customs Act, 1962. This article delves into the key changes, their implications, and the broader context of these amendments.

Amendments in Notification No. 11/2021-Customs: The notification makes specific changes to the existing tariff rates outlined in the previous Notification No. 11/2021-Customs, dated 1st February, 2021. Serial number 14 and related entries are substituted, impacting goods falling under 5201 (other than 5201 00 25) with staple length not exceeding 32.0 mm, now attracting a 5% duty rate.

Key Changes:

  • Serial number 14: Covers goods under 5201 (other than 5201 00 25).
  • Nature of goods: All goods with staple length not exceeding 32.0 mm.
  • Revised duty rate: 5%

Effective Date: The amendments specified in Notification No. 11/2024-Customs will be enforceable from the 20th of February, 2024.

Analysis:

  • Legal Basis: The amendments are made under the authority of the Custom Act, 1962, and in conjunction with the Finance Act, 2021.
  • Public Interest: The Central Government asserts that these changes are necessary in the public interest, reflecting economic considerations or trade dynamics.
  • Impact on Industries: Detailed scrutiny is essential to assess how the altered tariff rates affect industries dealing with the specified goods.
  • Continuous Modifications: The notification refers to previous amendments, showcasing the dynamic nature of tariff adjustments.

Conclusion: The Ministry of Finance’s latest Customs Notification, effective from 20th February, 2024, introduces amendments to tariff rates. The alterations impact goods falling under 5201, with the revised duty rate set at 5%. This move signifies the government’s ongoing efforts to adapt customs policies to evolving economic conditions. Industries affected by these changes should carefully evaluate the implications to make informed decisions in line with the revised tariff structure.

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MINISTRY OF FINANCE
(Department of Revenue)

Notification No. 11/2024-Customs | Dated : 19th February, 2024

G.S.R. 116(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Custom 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 makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 11/2021 – Customs, dated the 1st February, 2021 published in the Gazette of India Extraordinary Part II Section 3, Sub-section (i), vide number G.SR. 69(E)dated the 1st February, 2021, namely:-

Customs Notification 11 2024 Amendments in Tariff Rates

In the said notification, in the Table, for serial number 14 and the entries relating thereto, the following S. No. and entries shall be substituted, namely: –

(1) (2) (3) (4)
“14. 5201
(other than 5201 00 25)
All goods
(Other than goods of staple length exceeding 32.0 mm )
5%”

2. This notification shall come into force on the 20th of February, 2024.

[F. No. CBIC-190354/288/2021 -TO(TRU-I)]

VIKRAM VIJAY WANERE, Under Secy.

Note : The principal notification No. 11/2021-Customs, dated the 1st February, 2021, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 69(E), dated the 1st February, 2021, and last amended vide notification No. 05/2024-Customs, dated the 22nd January, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 55(E), dated the 22nd January, 2024.

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