Introduction: The Ministry of Finance, Department of Revenue, issued Notification No. 15/2024 dated 12th March, 2024, concerning amendments to import duty rates on goods categorized under Chapter 90 of the Customs Tariff Act, 1975. This notification aims to address immediate requirements perceived by the Central Government.
Detailed Analysis: Notification No. 15/2024 signifies a significant development in customs regulations, specifically focusing on goods falling under Chapter 90 of the Customs Tariff Act. The amendment entails a revision in import duty rates for specific tariff items, namely 9022 30 00 and 9022 90 90. The alteration substitutes the previous entry in column (4) with “15%”.
The decision to amend import duty rates underlines the Central Government’s assessment of prevailing circumstances necessitating immediate action. Such modifications are critical in regulating trade practices, ensuring economic stability, and aligning with broader policy objectives.
The amendment is set to come into force on the 1st day of April, 2024, indicating a prompt implementation timeline. This time-bound approach underscores the urgency and importance attached to the regulatory adjustment.
Conclusion: In conclusion, Ministry of Finance’s Notification No. 15/2024 – Customs underscores the government’s proactive stance in addressing evolving trade dynamics. The amendment in import duty rates for goods under Chapter 90 reflects a strategic effort to align customs regulations with prevailing economic imperatives. Stakeholders within the import-export ecosystem must stay vigilant and adapt to the revised tariff structure to ensure compliance and mitigate any potential disruptions.
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MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 15/2024-Customs | Dated: 12th March, 2024
G.S.R. 182(E).—WHEREAS the Central Government on being satisfied that the import duty leviable on goods, falling under Chapter 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 90, against tariff items 9022 30 00 and 9022 90 90, for the entry in column (4) the entry “15%” shall be substituted.
2. This notification shall come into force on the 1st day of April, 2024.
[F. No. CBIC-190354/15/2023-TRU Section-CBEC]
VIKRAM VIJAY WANERE, Under Secy.
