The CBIC vide Notification No. 33/2022-Customs dated June 30, 2022 has issued amendments in its earlier issued Notification No. 50/2017-Customs, dated June 30, 2017 which notified the effective rates of Customs Duty and Integrated Goods and Services Tax (“IGST”) for certain goods imported into India, so as to revise the rate of Customs Duty on gold products, in a following manner:
|
S.No. |
Chapter or Heading or sub–heading or tariff item |
Description of goods |
Earlier Customs Duty Rate | Revised Customs Duty Rate |
|
354. |
71 |
Gold dore bar, having gold content not exceeding 95% |
6.9% |
11.85% |
|
356. |
71 or 98 |
(i) Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units, and gold coins having gold content not below 99.5%, imported by the eligible passenger |
7.5% |
12.5% |
|
357A. |
7108 |
All goods other than those mentioned at S. No. 354 |
7.5% |
12.5% |
The Notification can be accessed at: https://taxinformation.cbic.gov.in/view-pdf/1009394/ENG/Notifications
We have recently released the 7th Edition (May, 2022) of our book on Goods and Services Tax, titled, “GST LAW AND COMMENTARY – WITH ANALYSIS AND PROCEDURES”, updated with the Finance Act, 2022 in a set of 4 Volumes. We thank you all for the support and your enduring response.
Have a look at the complete tour of the Book at: https://cutt.ly/nF6O0oN
Order your copy now and be a part of the GST learning excursion in the most comprehensive and lucid form !!
For more details and purchase online at: https://cutt.ly/RFMox8D