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Date: 11-Mar-2024 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sub section (1) of section 51B of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary and expedient to do so

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification No. 20/2024-Customs (N.T.) issued by the Ministry of Finance, Department of Revenue, amends notification No. 24/2023-Customs (N.T.) dated April 1, 2023. The amendments pertain to duty credit calculations and eligible export categories under the Foreign Trade Policy.
  • The notification modifies the conditions for claiming duty credit on exported goods, particularly concerning goods notified in Appendix 4R and 4RE of the Foreign Trade Policy.

Key Changes

  • Sub-clause (1) of clause 2 is amended to specify that duty credit is applicable against export of goods notified in Appendix 4R, or against export of goods under Advance Authorisation (excluding Deemed Exports) as notified in Appendix 4RE, or export of goods manufactured or exported by Export Oriented Units as notified in Appendix 4RE.
  • The value of goods for calculating duty credit shall be the declared export FOB value or 1.5 times the market price of the goods, whichever is lower.
  • Sub-clause (4) of clause 2 is amended to replace the words 'notified in the Appendix' with 'notified in the said Appendix 4R or Appendix 4RE, as applicable'.
  • Serial Numbers 6, 7, 8, and 10, along with their corresponding entries, have been removed from the table in the original notification.

Impact Analysis

Exporters

  • Exporters should re-evaluate their export strategies and costing based on these amendments to optimize duty credit claims. They should also ensure proper documentation to support the declared export FOB value and market price of the exported goods.

Customs Authorities

  • Training and updated operational procedures are required to implement these changes effectively.

Government Revenue

  • Omission of entries from the eligibility table may lead to reduced duty credit claims, potentially increasing government revenue.

Action Items for Exporters

  • Consult with customs advisors to ensure compliance with the amended regulations.

Key Entities Referenced

Central Government: The issuer of the notification, exercising powers conferred by sub-section (1) of section 51B of the Customs Act, 1962. Ministry of Finance (Department of Revenue): The specific department within the government responsible for issuing the notification through the Central Board of Indirect Taxes and Customs (CBIC). Central Board of Indirect Taxes and Customs (CBIC): The board under the Department of Revenue responsible for customs and indirect taxes. Customs Act, 1962: The principal legislation governing customs duties and related matters in India. Section 51B provides the power to issue notifications regarding duty credit schemes. Notification No. 24/2023-Customs (N.T.): The original notification dated April 1, 2023, which is being amended by this current notification. Foreign Trade Policy: The policy framework governing India's import and export activities. Appendix 4R and 4RE are specific appendices within the Foreign Trade Policy that list eligible goods and conditions for duty credit schemes. Appendix 4R and Appendix 4RE: Appendices within the Foreign Trade Policy that specify goods eligible for duty credit schemes and conditions related to Advance Authorisation and Export Oriented Units.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 ससीी..जजीी..--डडीी..एएलल..--अअ..--1111003322002244--225522884499 CCGG--DDxLLx--xEEG--I11D11H00x33x22x00 2244--225522884499 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण्ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 161] नई दिल्ली, सोमिार, माच ड11, 2024/फाल्ग नु 21, 1945 No. 161] NEW DELHI, MONDAY, MARCH 11, 2024/PHALGUNA 21, 1945 जित्त मत्रं ालय रािस्ट्ि जिभाग (केंद्रीय अप्रत्यक्ष कर और सीमा िल्ु क बोडड) अजधसचू ना नई दिल्ली, 11 माच,ड 2024 स.ं 20/2024 -सीमा िल्ु क (ग.ैटे.) सा.का.जन. 173(अ).—सीमा िुल्क अजधजनयम, 1962 (1962 का 52) की धारा 51ख की उप-धारा (1) द्वारा प्रित्त िजियों का प्रयोग करते हुए, केंद्र सरकार, संतुष्ट होने पर दक ऐसा करना आिश्यक और समीचीन ह,ै इसके द्वारा जित्त मंत्रालय (रािस्ट्ि जिभाग) की दिनांक 01 अप्रैल, 2023 की अजधसूचना संख्या 24/2023-सीमा िुल्क (ग.ैटे.), जिसे भारत के रािपत्र म ें असाधारण, भाग II, खंड 3, उप-धारा (i) में दिनांक 01 अप्रैल 2023 के सा.का.जन. 261(अ), के माध्यम स े प्रकाजित दकया गया था, म ें जनम्नजलजखत सिं ोधन करती ह,ै यथााः- उि अजधसूचना म,ें - (i) खंड 2 म,ें (क) उप-खंड (1) म ें मि (ख) के जलए जनम्नजलजखत को प्रजतस्ट्थाजपत दकया िाएगा: "जििेि व्यापार नीजत के पररजिष्ट 4R में अजधसूजचत माल के जनयाडत के जलए या जििेि व्यापार नीजत के पररजिष्ट 4RE म ेंअजधसूजचत अजिम प्राजधकरण (मानि जनयाडत को छोड़कर) के तहत माल के जनयाडत के 1778 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] जलए या जनयाडत ओररएंट यूजनट द्वारा जनर्मडत या जनयाडत दकए गए माल के जनयाडत के रूप में उि पररजिष्ट 4RE म ेंअजधसूजचत, संबंजधत िर और सीमा पर पररजिष्ट 4R या पररजिष्ट 4RE के तहत अजधसूजचत ह,ै िो भी लाग ूहो: बिते दक योिना के तहत अनुमत िुल्क क्रेजडट की गणना के जलए उि माल का मूल्य उि माल का घोजित जनयाडत एफ.ओ.बी. मूल्य होगा या, उि माल के बािार मूल्य का 1.5 गुना तक, िो भी कम हो"; (ख) उपखडं (4) म,ें िब्िों “पररजिष्ट म ेंअजधसूजचत" के जलए िब्िों "उि पररजिष्ट 4R या पररजिष्ट 4RE म ेंअजधसूजचत, िैसा लाग ूहो" को प्रजतस्ट्थाजपत दकया िाएगा; (ii) ताजलका म,ें क्रम संख्या 6, 7, 8 और 10 और तत्संबंधी प्रजिजष्टयों का लोप दकया िाएगा। [फा. स.ं सीबीआईसी-140605/14/2021-डीबीके] कजपल प्रिापजत, अिर सजचि रटप्पणी:- मूल अजधसूचना संख्या 24/2023-सीमा िुल्क (ग.ै ट.े), दिनांक 1 अप्रलै , 2023 जिसे भारत के रािपत्र, असाधारण, भाग II, खंड 3, उप-धारा (i) में सा.का.जन. 261(अ), दिनांक 1 अप्रलै , 2023 के माध्यम स े प्रकाजित दकया गया था। MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 11th March, 2024 No. 20/2024 –Customs (N.T.) G.S.R. 173(E).— In exercise of the powers conferred by sub-section (1) of section 51B of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 24/2023-Customs (N.T.), dated the 1st April, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide G.S.R. 261(E), dated the 1st April 2023, namely:- In the said notification,- (i) in clause 2, (a) in sub-clause (1), for item (b), the following shall be substituted, namely:- “(b) against export of goods notified in Appendix 4R of the Foreign Trade Policy or against export of goods under Advance Authorisation (except Deemed Exports) as notified in Appendix 4RE of the Foreign Trade Policy or export of goods manufactured by or exported by Export Orient Unit as notified in the said Appendix 4RE, at the respective rate and cap notified under the Appendix 4R or Appendix 4RE, as applicable: Provided that the value of the said goods for calculation of duty credit to be allowed under the Scheme shall be the declared export FOB value of the said goods or, up to 1.5 times the market price of the said goods, whichever is less;” (b) in sub-clause (4), for the words “notified in the Appendix”, the words “notified in the said Appendix 4R or Appendix 4RE, as applicable” shall be substituted; (ii) in the TABLE, Sl. No’s. 6, 7, 8 and 10 and the entries relating thereto shall be omitted. [F. No. CBIC-140605/14/2021-DBK] KAPIL PRAJAPATI, Under Secy. Note:- The principal notification No. 24/2023-Customs (N.T.), dated 1st April, 2023 was published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i), vide G.S.R. 261(E), dated the 1st April, 2023. 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.

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