Home› India› Ministry of Finance› Ship breaking notification...
Date: 23-Feb-2023 Category: Extra Ordinary State: Union Government Country: India

Ship breaking notification

Issued by Ministry of Finance · Department of Revenue

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • The notification No. 13/2023-Customs, dated February 23, 2023, issued by the Ministry of Finance, Department of Revenue, introduces an amendment to Notification No. 50/2017-Customs, dated June 30, 2017. This amendment pertains to customs duties and tariffs.
  • The amendment is made in exercise of powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 and sub-section (12) of section 3 of the Customs Tariff Act, 1975.
  • The Central Government, being satisfied that it is necessary in the public interest, has made further amendments to the existing customs notification.

Key Changes

  • A new Serial Number 555A is inserted into the table of Notification No. 50/2017-Customs. This entry corresponds to Customs Tariff Heading 8908 00 00, which covers 'All Goods'.
  • The customs duty rate for goods falling under the new entry (S. No. 555A, Heading 8908 00 00) is specified as 'Nil'.
  • The Nil duty rate is applicable from February 24, 2023.
  • The Nil duty rate will not be applicable after March 31, 2025.

Impact Analysis

Stakeholders Impacted

  • Consumers may indirectly benefit from potentially lower prices on goods incorporating imported components classified under heading 8908 00 00.

Suggested Action Items

  • Communicate the changes to relevant departments within the organization, including procurement, finance, and logistics.

Key Entities Referenced

Customs Act, 1962: The principal legislation governing customs duties 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 regarding tariffs. Notification No. 50/2017-Customs, dated June 30, 2017: The principal notification being amended by this notification. It contains the schedule of customs duty rates. Ministry of Finance, Department of Revenue: The government body responsible for issuing notifications related to customs duties and tariffs. Notification No. 02/2023-Customs, dated February 1, 2023: The last amendment to the principal notification No. 50/2017-Customs before this notification.
Official Source Record View Original Source →
See Full Document Text
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-23022023-243841 xxxGIDHxxx CG-DL-E-23022023-243841 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.ं 102] नई ददल्ली, बृहस्ट्प जतिार, फरिरी 23, 2023/फाल्ग नु 4, 1944 No. 102] NEW DELHI, THURSDAY, FEBRUARY 23, 2023/PHALGUNA 4, 1944 जित्त म्ं ालय (राजस्ट्ि जिभाग) अजधसचू ना नई ददल् ली, 23 फरिरी, 2023 स.ं 13/2023-सीमा िल्ु क सा.का.जन. 124(अ).—सीमा िुल् क अजधजनयम, 1962 (1962 का 52) की धारा 25 की उप-धारा (1) और सीमा िुल् क ैरिरफ अजधजनयम, 1975 (1975 का 51) की धारा 3 की उप धारा (12) के तहत प्रदत् त िजतियय का प्रयगग करत े हुए, केन्‍द र सरकार, इस बात से संतुष्ै हगत े हुए दक ससा करना जनजहत म वि्‍ यक ह,र भारत सरकार, जित् त मं्ालय (राजस्ट् ि जिभाग) की अजधसूचना संख् या 50/2017-सीमा िुल् क, ददनांक 30 जून, 2017, जजसे सा.का.जन. 785(अ), ददनांक 30 जून, 2017 के तहत भारत के राजप्, असाधारण, के भाग II, खण् ड 3, उप-खण् ड (i) म प्रकाजित दकया गया था, म, एतद्द्वारा, और वगे भी जनम्न जलजखत संिगधन करती ह,र यथा :- उतिय अजधसूचना म, ताजलका म क्रम संख्या 555 और उससे संबंजधत प्रजिजिय के बाद, जनम्नजलजखत क्रम संख्या और प्रजिजियां अंत:स्ट्थ ाजपत की जाएंगी, अथाात:् - (1) (2) (3) (4) (5) (6) "555 क 8908 00 00 सभी िस्ट्तुए:ं िून्‍दय - -", बिते दक इस क्रम संख् या म कुछ भी जनजहत नहीं ह र जग 31.03.2025 के बाद प्रभािी हगगी । 1230 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 2. यह अजधसूचना 24 फरिरी, 2023 से प्रभािी हगगी । [फा. स.ं सीबीवईसी-190354/16/2023-ैीवरयू अनुभाग-सीबीईसी] जिक्रम जिजय िनेरे, अिर सजचि नगै : प्रधान अजधसूचना संख् या 50/2017-सीमा िुल्क, ददनांक 30 जून, 2017 कग सा.का.जन. 785(अ), ददनांक 30 जून, 2017 के तहत भारत के राजप्, असाधारण, के भाग II, खंड 3, उप-खंड (i) म प्रकाजित दकया गया था और इसम अंजतम बार अजधसूचना संख्या 02/2023-सीमा िुल्क, ददनांक 01 फरिरी, 2023, जजसे सा.का.जन. 67(अ), ददनांक 01 फरिरी, 2023 के तहत प्रकाजित दकया गया था, के द्वारा संिगधन दकया गया ह र। MINISTRY OF FINANCE (DEPARTMENT oF REVENUE) NOTIFICATION New Delhi, the 23rd February, 2023 No. 13/2023-Customs G.S.R. 124(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, Ministry of Finance (Department of Revenue), 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 S. No. 555 and the entries relating thereto, the following S. No. and entries shall be inserted, namely: - (1) (2) (3) (4) (5) (6) “555A. 8908 00 00 All Goods: Nil - -”. Provided that nothing contained in this S. No. shall have effect after 31st March, 2025. 3. This notification shall come into force on the 24th day of February, 2023. [F. No. CBIC-190354/16/2023-TRU Section-CBEC] VIKRAM VIJAY 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 30thJune, 2017and was last amended vide notification No. 02/2023-Customs, dated the 1st February, 2023 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 67(E), dated the 1st February, 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.

Continue your research

Related Documents from Ministry of Finance