Home India Ministry of Finance Seeks to amend customs notification to implement GST Council...
Date: 19-Oct-2023 Category: Extra Ordinary State: Union Government Country: India

Seeks to amend customs notification to implement GST Council Recommendations

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

Gazette Notification Overview

  • The notification No. 60/2023-Customs, dated October 19, 2023, issued by the Ministry of Finance (Department of Revenue), introduces amendments to Notification No. 50/2017-Customs, dated June 30, 2017.
  • The amendments pertain to customs duties related to the conversion of foreign going vessels for coastal runs and modifications in the list of authorized banks.
  • The notification comes into effect on October 20, 2023.

Key Changes

  • A new entry 551A is inserted in the table, providing a Nil customs duty for foreign going vessels converted for coastal runs, provided they are reconverted to foreign going vessels within six months of such conversion.
  • List 34A in the annexure is updated with a new list of 15 authorized banks.
  • Item number 2 in List 34B of the annexure is removed.

Impact Analysis

Shipping Industry

  • Companies need to obtain necessary licenses under the Merchant Shipping Act, 1958 for coastal vessel conversion.

Banking Sector

  • Banks previously listed in item number 2 of List 34B are no longer authorized.

Government

  • The amendment ensures streamlined processes with updated lists of authorized banks.

Action Items

  • Relevant departments within the Ministry of Finance and Customs should ensure proper implementation of the new regulations.

Key Entities Referenced

Customs Act, 1962: The principal act governing customs duties and related matters in India. Section 25(1) provides the power to grant exemptions from customs duty. Customs Tariff Act, 1975: An act to provide for the imposition of customs duties on goods imported into India and for matters connected therewith. Section 3(12) provides power to grant exemptions. Ministry of Finance (Department of Revenue): The government body responsible for issuing notifications and regulations related to customs duties. Notification No. 50/2017-Customs: The principal notification being amended by this notification, originally issued on June 30, 2017. Merchant Shipping Act, 1958: An act to foster the development and ensure the efficient maintenance of an Indian mercantile marine in a manner best suited to serve the national interests. CBIC: Central Board of Indirect Taxes and Customs
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सससीीी...जजजीीी...---डडडीीी...एएएललल...---अअअ...---111999111000222000222333---222444999555666111 CCCGGG---DDDxLLLx---xEEEG---I111D999H111x000x222x000 222333---222444999555666111 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 604] नई दिल्ली, बृहस्ट्प जतिार, अक्त बू र 19, 2023/आजश्ि न 27, 1945 No. 604] NEW DELHI, THURSDAY, OCTOBER 19, 2023/ASVINA 27, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) अजधसचू ना नई दिल् ली, 19 अक्तूबर, 2023 स.ं 60/2023-सीमािल्ु क सा.का.जन. 758(अ).—सीमािुल्क अजधजनयम, 1962 (1962 का 52) की धारा 25 की उप धारा (1), और सीमािुल्क टैररफ अजधजनयम, 1975 (1975 का 51) की धारा 3 की उप धारा (12) के तहत प्रित् त िजक्तयों का प्रयोग करते हुए, केन्‍द र सरकार, इस बात से सतं ष्ु ट होते हुए दक ऐसा करना िनजहत में आिश् यक ह,ै एतिद्वारा, भारत सरकार, जित् त मंत्रालय (रािस्ट् ि जिभाग) की अजधसूचना संख्य ा 50/2017- सीमािल्ु क, दिनांक 30 िून, 2017, जिसे सा.का.जन. 785(अ), दिनांक 30 िून, 2017 के तहत भारत के रािपत्र, असाधारण, भाग II, खड 3, उप-खंड (i) में प्रकाजित दकया गया था, में और आग े भी जनम् नजलजखत संिोधन करती ह,ै यथा :- उक्त अजधसूचना में, ताजलका में, प्रजिजि 551 और उसस े संबंजधत प्रजिजियों के बाि, जनम्नजलजखत क्रम संख्या और प्रजिजियााँ अंतः स्ट्थाजपत की िाएंगी अथाता :- (1) (2) (3) (4) (5) (6) “551क 8901 जििेि िाने िाले िहाि को तटीय यात्रा के जलए पररिर्तात करना। - िून्‍दय -" बिते दक ऐसा िहाि ऐसे रूपांतरण की तारीख से छह महीने के भीतर जििेि िाने िाले िहाि में दफर से पररिर्तात हो िाए। 6652 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] स्ट्पिीकरण:- इस प्रजिजि के प्रयोिन के जलए, (1) "जििेि िाने िाले िहाि" का िही अथा होगा िो सीमा िुल्क अजधजनयम 1962 की धारा 2 के खंड (21) के तहत इसे दिया गया ह।ै (ii) "तटीय िहाि में रूपांतरण" में िाजणज्य पोत पररिहन अजधजनयम, 1958 के तहत आिश्यक लाइसेंस प्राप्त िहाि िाजमल होगा। 2. अनलु ग्नक म,ें- (I) सूची 34क में, प्रजिजियों के जलए, जनम्नजलजखत प्रजिजियााँ प्रजतस्ट्थाजपत की िाएगं ी, अथाात्: - "1. एजक्सस बैंक जलजमटेड 2. बैंक ऑफ इंजडया 3. फेडरल बैंक जलजमटेड 4. एचडीएफसी बैंक जलजमटेड 5. इंडजस्ट्रयल एंड कमर्िायल बैंक ऑफ चाइना जलजमटेड 6. आईसीआईसीआई बैंक जलजमटेड 7. इंडसइंड बैंक जलजमटेड 8. इंजडयन ओिरसीि बैंक 9. कोटक महहरं ा बैंक जलजमटेड 10. करूर िैश्य बैंक जलजमटेड 11. पंिाब नेिनल बैंक 12. आरबीएल बैंक जलजमटेड 13. भारतीय स्ट्टेट बैंक 14. यूजनयन बैंक ऑफ इंजडया 15. येस बैंक जलजमटेड" (II) सूची 34ख में, मि संख्या 2 और उससे संबंजधत प्रजिजियों का लोप दकया िाएगा। 3. अजधसूचना 20 अक्तूबर, 2023 से लागू होगी। [फा. सं. सीबीआईसी-190354/ 195/ 2023-टीओ (टीआरयू-II)] जिक्रम िानेरे, अिर सजचि नोट : मलू अजधसूचना को भारत के रािपत्र, असाधारण, भाग ।।, खडं 3, उपखडं (i) म ें अजधसूचना संख् या 50/2017- सीमािुल्क, दिनांक 30 िून, 2017, जिसे सा.का.जन. 785 (अ), दिनांक 30 िनू , 2017 के तहत प्रकाजित की गई थी और इसमें अंजतम बार अजधसूचना संख् या 54/2023- सीमािुल्क, दिनांक 14 जसतम्बर, 2023, जिसे सा.का.जन. 668 (अ), दिनांक 14 जसतम्बर, 2023 के तहत प्रकाजित दकया गया था, के द्वारा संिोधन दकया गया था। MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 19th October, 2023 No. 60/2023-Customs G.S.R. 758(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, on 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),[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E), dated the 30th June, 2017, namely :- In the said notification, in the Table, after the entry 551 and the entries relating thereto, the following Sl. No. and entries shall be inserted namely: - (1) (2) (3) (4) (5) (6) “551 A. 8901 Foreign Going Vessel converted for a coastal run: - Nil -”; Provided that such vessel re-converts to a foreign going vessel within six months from the date of such conversion. Explanation. - For the purpose of this entry, (i) “Foreign going vessel” shall have the same meaning as assigned to it under clause (21) of Section 2 of the Customs Act1962. (ii) “Conversion to coastal Vessel” shall include the vessel granted necessary license under the Merchant Shipping Act,1958 2. in the Annexure, - (I) in List 34A, for the entries, the following entries shall be substituted, namely:- “1. Axis Bank Limited 2. Bank of India 3. Federal Bank Limited 4. HDFC Bank Limited 5. Industrial and Commercial Bank of China Limited 6. ICICI Bank Limited 7. IndusInd Bank Limited 8. Indian Overseas Bank 9. Kotak Mahindra Bank Limited 10. Karur Vysya Bank Limited 11. Punjab National Bank 12. RBL Bank Limited 13. State Bank of India 14. Union Bank of India 15. Yes Bank Limited” (II) in List 34B, item number 2 and the entries relating thereto shall be omitted. 3. This notification shall come into force with effect from the 20th day of October, 2023. [F. No. CBIC-190354/195/2023-TO(TRU-II)] VIKRAM WANERE, Under Secy. Note: - The principal notification No. 50/2017-Customs, dated the 30th June, 2017 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 785(E)., dated the 30th June, 2017 and was last amended vide notification No. 54/2023-Customs, dated the 14th September, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 668(E)., dated the 14th September, 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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