Background:
Earlier, Notification No. 34/2021-Customs dated June 29, 2021 (“exemption notification”) as amended by Notification No. 40/2021-Customs dated August 19, 2021 exempted following category of goods (“specified goods”) from payment of import duty in excess of the standard rate specified in the corresponding entry in column (4) of the below table:
|
S. No. |
Chapter, heading, sub-heading or tariff item |
Description | Standard Rate |
| (1) | (2) | (3) |
(4) |
|
1. |
1511 10 00 | Crude Palm Oil | 10% |
| 2. | 1511 90 |
All goods (RBD Palm Oil, RBD Palmolein, RBD Palm Stearin and any Palm Oil other than Crude Palm Oil) |
37.5% |
|
3. |
1507 10 00 | All goods | 7.5% |
| 4. | 1507 90 10 | All goods |
37.5% |
|
5. |
1512 11 10 | All goods | 7.5% |
| 6. | 1512 19 10 | All goods |
37.5% |
Notification:
Now, vide Notification No. 43/2021-Customs dated September 10, 2021 the Government has rescinded the exemption notification as mentioned above. Meaning thereby, the specified goods may be taxed at applicable rate of basic duty of customs as leviable thereon under the First Schedule of Customs Tariff Act, 1975.
This notification shall come into force on the September 11, 2021.
The Notification can be accessed at: https://www.cbic.gov.in/resources/htdocs-cbec/customs/cs-act/notifications/notfns-2021/cs-tarr2021/cs43-2021.pdf;jsessionid=97A7E42C9CEA38B08A74A551689D85FB