The CBIC vide Notification No. 01/2024-Customs dated January 15, 2024, has imposed a 50% export duty on molasses derived from sugar extraction or refining. This amendment to the Second Schedule of the Customs Tariff Act, 1975 (“the Customs Tariff Act”) is enacted under the powers of section 8(1) of the Customs Tariff Act. The notification, effective from January 18, 2024, signifies the government’s immediate action based on the perceived necessity for export duty on specific articles.
The Notification can be accessed at: https://taxinformation.cbic.gov.in/view-pdf/1009986/ENG/Notifications