Executive Summary:
This notification, No. 28/2019-Customs, issued on September 2, 2019, by the Ministry of Finance, Department of Revenue, introduces amendments to Notification No. 57/2000-Customs, dated May 8, 2000. The amendments pertain to exemptions on customs duties for silver, gold, and platinum imported into India under specific schemes, as defined in the Foreign Trade Policy. These changes are made in the public interest.
Key Points / Main Content:
* **Amendments to Duty Exemptions:**
* The notification amends the existing exemptions for customs duties on silver, gold, and platinum.
* Exemptions are now tied to specific schemes outlined in the Foreign Trade Policy.
* The extent of duty exemption depends on the scheme under which the goods are imported, as specified in a table.
* **Table Specifications:**
* The notification includes a table specifying the scheme, description of goods, and the amount of duty.
* For replenishment under the Scheme for Export through Exhibitions/Export Promotion Tours/Export of Branded Jewellery, the duty is 11.85% for Gold and 11.00% for Silver, with full duty for Platinum.
* Under the Scheme for Export Against Supply by Nominated Agencies, full duty exemption is available for Gold, Silver and Platinum.
* **Omission of Proviso:**
* The third proviso of the original notification is omitted.
Impact Analysis:
* **Importers of Silver, Gold, and Platinum:**
* *Impact:* The revised notification affects importers of silver, gold, and platinum by changing the conditions and extent of customs duty exemptions based on the specific import scheme.
* *Action Required:* Importers need to review the updated table and ensure their imports comply with the specified schemes under the Foreign Trade Policy to avail of the applicable duty exemptions.
* **Central Government (Ministry of Finance, Department of Revenue):**
* *Impact:* The notification alters the customs revenue collected from silver, gold, and platinum imports.
* *Action Required:* The Ministry needs to implement and monitor the changes to ensure compliance and assess the impact on revenue collection.
* **Customs Authorities:**
* *Impact:* Customs officials are responsible for enforcing the revised duty structure.
* *Action Required:* Customs officials must familiarize themselves with the new notification and its implications for assessing and collecting customs duties on silver, gold, and platinum imports.
Key Entities Referenced
Customs Act, 1962: A law providing the framework for customs duties and regulations in India.
Central Government: The executive authority of the Union of India.
Ministry of Finance: The ministry responsible for financial matters of the Government of India.
Department of Revenue: A department within the Ministry of Finance, Government of India.
Central Board of Indirect Taxes and Customs: The apex body responsible for administering indirect taxes like customs, GST etc. in India.
Customs Tariff Act, 1975: An Indian legislation related to customs tariffs.
Foreign Trade Policy: A set of guidelines and instructions established by the government for import and export related activities.
New Delhi, Delhi: The location where the notification was issued, and also where Government of India Press is located.
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4538 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
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[फा.स.ं डीजीईपी/जीएंडजे/05/2017]
आनंद कुमार झा, अवर सिचव
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
NOTIFICATION
New Delhi, the 2nd September, 2019
No. 28/2019 - Customs
G.S.R. 624(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:-¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
2. In the said notification, -
(a) in the opening paragraph, for the portion beginning with the words, figures and brackets “hereby exempts silver, gold
and platinum, falling under headings 71.06, 71.08 and 71.10 respectively of the First Schedule to the Customs Tariff Act,
1975 (51 of 1975), when imported into India” and ending with the words, brackets and figures “from the whole of the
duty of customs leviable thereon, which is specified in the said First Schedule, and from the whole of the additional duty
leviable thereon under sub-sections (1), (3) and (5) of section 3 of the said Customs Tariff Act”, the following shall be
substituted, namely:-
“hereby exempts silver, gold and platinum of the description specified in column (3) of the Table below falling
under headings 71.06,71.08 and 71.10 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when
imported into India under the scheme specified in column (2) of the said Table, from so much of the duty of
customs leviable thereon under the said First Schedule as specified in the corresponding entry in column (4) of the
said Table, and from the whole of the additional duty leviable thereon under sub-sections (1), (3) and (5) of section
3 of the said Customs Tariff Act:-
TABLE
Sl.No. Scheme under Foreign Trade Policy Description of Amount of duty
goods
(1) (2) (3) (4)
1. As replenishment under the Scheme for (a) Gold 11.85 %
‘Export through Exhibitions/Export
(b) Silver 11.00 %
Promotion Tours/Export of Branded
Jewellery’ as referred to in Paragraph 4.46 of (c) Platinum Whole of the duty of customs leviable
the Foreign Trade Policy, read with relevant thereon, which is specified in the First
provisions of Chapter 4 of the Handbook of Schedule to the Customs Tariff Act,
Procedures. 1975 (51 of 1975).
2. Under the Scheme for ‘Export Against Gold, Silver, Whole of the duty of customs leviable
Supply by Nominated Agencies’ as referred Platinum thereon, which is specified in the First
to in Paragraph 4.41 of the Foreign Trade Schedule to the Customs Tariff Act,
Policy, read with relevant provisions of 1975 (51 of 1975)”;
Chapter 4 of the Hand Book of Procedures.
(b) the third proviso shall be omitted.
[F. No. DGEP/G&J/05/2017]
ANAND KUMAR JHA, Under Secy.
Note : The principal notification No. 57/2000-Customs, dated the 8th May, 2000 was 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. 78/2018-Customs, dated 29th November, 2018, published in the Gazette of
India, Extraordinary, Part II, Section 3, Sub-Section (i) vide number G.S.R. 1154 (E), dated the 30th November,
2018.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.