Introduction: The Ministry of Finance, Department of Revenue, has issued Notification No. 47/2023-Customs on 19th August 2023, introducing amendments to the Second Schedule of the Customs Tariff Act. The amendment pertains to the imposition of export duty on onions. This move is based on the Central Government’s satisfaction that export duty is necessary for certain articles due to prevailing circumstances.
Analysis: In exercise of the powers conferred by sub-section (1) of section 8 of the Customs Tariff Act, 1975, the Central Government has directed the amendment of the Second Schedule to the Customs Tariff Act. As per the amendment, Sl. No. 1 in the Second Schedule has been re-numbered as Sl. No. 1A. Additionally, a new entry has been inserted before Sl. No. 1A, which includes the following details:
- Serial Number: 1
- Tariff Code: 0703 10
- Article: Onions
- Export Duty: 50%
This amendment reflects the government’s decision to impose a 50% export duty on onions, aiming to regulate their export and address any prevailing concerns or circumstances related to onion prices or availability.
Conclusion: The recent amendment to the Second Schedule of the Customs Tariff Act through Notification No. 47/2023-Customs signifies the government’s proactive approach to address onion-related issues. By imposing a 50% export duty on onions, the Ministry of Finance aims to ensure an effective balance between domestic consumption and exports, taking into consideration the prevailing circumstances. This step underscores the government’s commitment to managing trade and economic factors to maintain stability and fair availability of essential commodities.
MINISTRY OF FINANCE
(Department of Revenue)
New Delhi
Notification No. 47/2023-Customs | Dated: 19th August, 2023
G.S.R. 616(E).—Whereas, the Central Government is satisfied that export duty should be levied on certain articles 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 8 of the Customs Tariff Act, 1975 (51 of 1975)(hereinafter referred to as the Customs Tariff Act), the Central Government, hereby directs that the Second Schedule to the Customs Tariff Act shall be amended in the following manner, namely: –
In the Second Schedule to the Customs Tariff Act, Sl. No. 1 shall be re-numbered as Sl. No. 1A, and before Sl. No. 1A as so re-numbered, the following serial number and entries shall be inserted, namely: –
| (1) | (2) | (3) | (4) |
| “1. | 0703 10 | Onions | 50%”. |
[F. No. 190354/158/2023-TRU]
AMREETA TITUS, Dy. Secy.
