• 23 Jul 2024 06:47 PM
  • Back

Budget 2024: Explanatory Memorandum for Notifications 29-39 Customs & 51/2024 (N.T.)

news details
Budget 2024: Explanatory Memorandum to Notification Nos. 29 to 39-Customs, dated the 23rd July, 2024 and Explanatory Memorandum to Notification Nos. 51/2024-Customs (N.T.), dated the 23rd July, 2024

On July 23, 2024, several important amendments to customs regulations were introduced through Notifications Nos. 29 to 39-Customs and Notification No. 51/2024-Customs (N.T.). These updates include revisions to existing notifications such as the duty-free import of commercial samples (No. 29/2024), changes in Basic Customs Duty (BCD) rates (No. 30/2024), and adjustments to the India-UAE Comprehensive Economic Partnership Agreement (CEPA) rates (No. 31/2024). Other amendments address Additional Import Duty Cess (AIDC) (No. 32/2024), concessional rates for precious metals (No. 33/2024), and electronics-related notifications (No. 34/2024). Additionally, Health Cess revisions (No. 35/2024), exemptions for critical minerals (No. 36/2024), and export duties on raw hides (No. 37/2024) were included. Notifications No. 38/2024 and No. 39/2024 extend validity and re-import periods. The Explanatory Memorandum to Notification No. 51/2024-Customs (N.T.) introduces a New Shippers Review process under the Customs Tariff Rules, 1995, aiming to enhance tariff assessment efficiency.

Budget 2024: Explanatory Memorandum to Notification Nos. 29 to 39-Customs, dated the 23rd July, 2024 and Explanatory Memorandum to Notification Nos. 51/2024-Customs (N.T.), dated the 23rd July, 2024

On July 23, 2024, several important amendments to customs regulations were introduced through Notifications Nos. 29 to 39-Customs and Notification No. 51/2024-Customs (N.T.). These updates include revisions to existing notifications such as the duty-free import of commercial samples (No. 29/2024), changes in Basic Customs Duty (BCD) rates (No. 30/2024), and adjustments to the India-UAE Comprehensive Economic Partnership Agreement (CEPA) rates (No. 31/2024). Other amendments address Additional Import Duty Cess (AIDC) (No. 32/2024), concessional rates for precious metals (No. 33/2024), and electronics-related notifications (No. 34/2024). Additionally, Health Cess revisions (No. 35/2024), exemptions for critical minerals (No. 36/2024), and export duties on raw hides (No. 37/2024) were included. Notifications No. 38/2024 and No. 39/2024 extend validity and re-import periods. The Explanatory Memorandum to Notification No. 51/2024-Customs (N.T.) introduces a New Shippers Review process under the Customs Tariff Rules, 1995, aiming to enhance tariff assessment efficiency.

Explanatory Memorandum to Notification Nos. 29 to 39-Customs, dated the 23rd July, 2024: –

S. No.Notification No.Description
1.29/2024-Customs dated 23rd July, 2024Seeks to amend notification No. 154/94-Customs dated the 13th July, 1994 which provides for duty free import of commercial samples.
2.30/2024-Customs dated 23rd July, 2024Seeks to further amend notification No. 50/2017-Customs dated the 30th June, 2017, so as to notify BCD related changes.
3.31/2024-Customs dated 23rd July, 2024Seeks to amend notification No. 22/2022-Customs dated 30th April, 2022 to revise rates under India-UAE CEPA.
4.32/2024-Customs dated 23rd July, 2024Seeks to amend notification No. 11/2021-Customs dated 1st February, 2021 so as to revise AIDC applicable on certain items.
5.33/2024-Customs dated 23rd July, 2024Seeks to amend notification No. 57/2000-Customs dated 8th May 2000, which provides concessional rate for gold, silver and platinum imported under specified schemes.
6.34/2024-Customs dated 23rd July, 2024Seeks to amend notification related to electronics including Nos. 25/1999-Customs, 25/2002-Customs and 57/2017-
Customs.
7.35/2024-Customs dated 23rd July, 2024Seeks to amend notification No. 8/2020-Customs dated 1st February, 2020 in order to revise Health Cess on certain items.
8.36/2024-Customs dated 23rd July, 2024Seeks to provide exemption/concessional rate of BCD and SWS to critical minerals.
9.37/2024-Customs dated 23rd July, 2024Seeks to amend notification no. 27/2011-Customs dated 1st March, 2011 in order to amend the export duty on specified items of raw hides, skins and leather.
1.38/2024-Customs dated 23rd July, 2024Seeks to amend 32 notifications in order to extend their validity to a further period and amend notification No. 153/94-Customs to extend the time period for re-export of certain foreign origin goods when imported for maintenance, repair and overhaul.
2.39/2024-Customs dated 23rd July, 2024Seeks to amend notification No. 45/2017-Customs dated 30th June, 2017 in order to extend the time period of re-import.

Explanatory Memorandum to Notification Nos. 51/2024-Customs (N.T.), dated the 23rd July, 2024: –

S. No.Notification No.Description
151/2024-Customs (N.T.) dated 23rd July, 2024Seeks to amend Customs Tariff (Identification, Assessment and Collection Countervailing Duty on Subsidized Articles and for Determination of Injury) Rules, 1995 to provide for New Shippers Review.