Notification No. 55/2024-Customs (N.T.) dated 23.08.2024 to amend Notification no 77/2023 -Customs (N. T.) dated 20.10.2023 (to revise the AIR of duty drawback of gold and silver jewellery/articles)
The Government of India has issued Notification No. 55/2024-Customs (N.T.) on August 23, 2024, revising the All Industry Rates (AIR) of duty drawback for gold and silver jewelry/articles. This notification amends the earlier Notification No. 77/2023-Customs (N.T.) dated October 20, 2023. The changes are made under the authority granted by Section 75 of the Customs Act, 1962, and Section 37(2) of the Central Excise Act, 1944, along with the Customs and Central Excise Duties Drawback Rules, 2017. Specifically, the duty drawback rates for tariff items 711301, 711302, and 711401 have been revised downward. For tariff item 711301, the rate has been changed from 704.1 to 335.50, and for items 711302 and 711401, the rate has been reduced from 8949 to 4468.10. These changes reflect the government’s adjustment in duty drawback rates, aiming to align with current market conditions for gold and silver jewelry. The notification provides updated figures that replace the previous rates specified in the October 2023 notification. This amendment is part of ongoing adjustments to ensure the duty drawback scheme remains effective and relevant.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification No. 55/2024 – Customs (N.T.) | Dated: 23rd August, 2024
G.S.R…….. (E). – In exercise of the powers conferred by section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), read with rules 3 and 4 of the Customs and Central Excise Duties Drawback Rules, 2017, the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 77/2023 – Customs (N.T.), dated the 20th October, 2023, published vide number G.S.R. 792 (E), dated the 20th October, 2023, namely:-
In the said notification, in the Schedule, in Chapter -71,-
(i) against tariff item 711301, in the entry in column (4), for the figures “704.1”, the figures “335.50” shall be substituted;
(ii) against tariff item 711302, in the entry in column (4), for the figures “8949”, the figures “4468.10” shall be substituted;
(iii) against tariff item 711401, in the entry in column (4), for the figures “8949”, the figures “4468.10” shall be substituted.
[No. 605/13/2023-(DBK)]
(Kapil Prajapati)
Under Secretary to the Govt. of India
Note: The principal Notification No. 77/2023-Customs (N.T.), dated the 20th October, 2023 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 20th October, 2023 vide number G.S.R. 792(E), dated the 20th October, 2023 and was last amended by Notification No. 33/2024- Customs (N.T.), dated the 30th April, 2024 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 30th April, 2024 vide number G.S.R. 268(E), dated the 30th April, 2024.
