Executive Summary:
This notification, No. 78/2018-Customs, issued on November 29, 2018, by the Ministry of Finance, Department of Revenue, introduces amendments to Notification No. 57/2000-Customs regarding customs duties. The notification specifies conditions under which exporters will not be eligible for gold or silver replenishment. It is effective immediately upon publication.
Key Points / Main Content:
Amendments to Notification No. 57/2000-Customs:
* A new proviso is inserted after the second proviso of the existing notification.
Eligibility for Gold/Silver Replenishment:
* Exporters will not be eligible for replenishment of gold or silver if they avail certain benefits:
* Cenvat credit on inputs under the Central Excise Act, 1944.
* Input tax credit on inputs or services under Chapter V of the Central Goods and Services Tax Act, 2017.
* Refund of input tax credit or refund of integrated tax under Section 54 of the Central Goods and Services Tax Act, 2017.
Impact Analysis:
Exporters:
* Impact: Exporters of products containing gold or silver need to be aware of the amended conditions for availing replenishment benefits. Those claiming Cenvat or input tax credits, or refunds under specified GST provisions, will not be eligible for gold/silver replenishment.
* Action Required: Evaluate current practices regarding tax credits and refunds in relation to exported products containing gold or silver to determine the impact on eligibility for replenishment benefits. Adjust practices as needed to optimize benefits.
Central Board of Indirect Taxes and Customs:
* Impact: Required to implement and enforce the amended notification.
* Action Required: Ensure that the changes are properly communicated to relevant officers and integrated into customs procedures.
Key Entities Referenced
Ministry of Finance: The ministry responsible for this notification.
Department of Revenue: A department within the Ministry of Finance.
Central Board of Indirect Taxes and Customs: An organization under the Department of Revenue.
Customs Act, 1962: The primary legislation governing customs matters in India.
Central Excise Act, 1944: An act related to central excise duty.
Central Goods and Services Tax Act, 2017: An act related to goods and services tax.
DINESH KUMAR GUPTA: The Director who signed the notification.
New Delhi, Delhi: Place where the notification was issued
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
NOTIFICATION
New Delhi, the 29th November, 2018
No. 78/2018-Customs
G.S.R. 1154(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, being satisfied that it is necessary in the public interest so to do, hereby
makes the following further amendments in the notification of the Government of India in the Ministry of Finance
(Department of Revenue) No. 57/2000-Customs dated the 8th May, 2000 published in the Gazette of India, Extraordinary,
Part II, Section 3, Sub-Section (i) vide number G.S.R. 413(E), dated the 8th May, 2000, namely:—
2. In the said notification, after the second proviso, the following proviso shall be inserted, namely:—
"Provided further that no replenishment of the gold or silver shall be available to the exporter where the exporter
avails, in respect of exported product —
(i) Cenvat credit on inputs under the Central Excise Act, 1944; or
(ii) input tax credit on inputs or services or both under Chapter V of the Central Goods and Services Tax Act,
2017; or
(iii) refund of input tax credit or refund of integrated tax under section 54 of the Central Goods and Services Tax
Act, 2017.”
[F. No. DGEP/G&J/05/2017]
DINESH KUMAR GUPTA, Director
Note : The principal notification No. 57/2000-Customs dated the 8th May, 2000 published in the Gazette of India,
Extraordinary, Part II, Section 3, Sub-Section (i) vide number G.S.R. 413(E), dated the 8th May, 2000 and was last
amended by notification No. 26/2017-Customs, dated 29th June, 2017, published in the Gazette of India,
Extraordinary, Part II, Section 3, Sub-Section (i) vide G.S.R. 727(E), dated the 29th June, 2017.
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