Business TodayFeb 10General extension to the validity period of conditional Customs exemptions: A task well done?Background Section 25 of the Customs Act, 1962 (‘Customs Act’) empowers the Central Government to grant exemptions from levy of Customs duties with or without corresponding conditions. Over the years, various exemptions were notified under the said provision, some of which had turned outdated or redundant in course of time but still formed part of the statute book. The task of overhauling old exemptions was announced in the Union Budget 2021-22, wherein the announcement to review and remove redundant notifications was made. Sub-section (4A) to Section 25 was inserted to provide fixed expiry date for all conditional exemption notifications.read more at Business Today
Background Section 25 of the Customs Act, 1962 (‘Customs Act’) empowers the Central Government to grant exemptions from levy of Customs duties with or without corresponding conditions. Over the years, various exemptions were notified under the said provision, some of which had turned outdated or redundant in course of time but still formed part of the statute book. The task of overhauling old exemptions was announced in the Union Budget 2021-22, wherein the announcement to review and remove redundant notifications was made. Sub-section (4A) to Section 25 was inserted to provide fixed expiry date for all conditional exemption notifications.read more at Business Today
