MM TAX CLUB

Govt. vide notification no. 34/2021-custom dated 29-06 2021 exempted custom duty on palm oils and other oils in excess of the amount calculated at the standard rate specified.

Notification number 34/2021-custom dated 29-06-2021 can be read as under;

G.S.R. (E)…- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods of the description specified in column (3) of the Table below, falling within the Chapter, heading, sub–heading or tariff item of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) specified in column (2) of the said Table, when imported into India, from so much of the duty of customs leviable thereon under the said First Schedule, as is in excess of the amount calculated at the standard rate specified in the corresponding entry in column (4) of the said Table, namely –

This notification was effective from 30th June 2021 to 30th September, 2021.

Now Govt. vide notification no. 43/2021- Customs dated 10th September, 2021  rescinded the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 34/2021- Customs, dated the 29th June, 2021 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 449 (E)., dated the 29th June, 2021.

Meaning thereby, the specified goods covered under exemption notification 34/2021 will charged to basic custom duty as specified under First Schedule of Customs Tariff Act, 1975.

Notification 43/2021 come into force w.e.f 11^th September, 2021.

Notification can be accessed from here