The Central Board of Indirect taxes and Customs (CBIC) has extended the reduction of Agriculture Infrastructure Development Cess (AIDC) on crude soya, sunflower and palm oils till 31.09.2022.
The Agriculture Infrastructure Development Cess will be used for a specified purpose i.e. to improve agricultural infrastructure in India firstly by enhancing production, secondly by protecting this sector from undue competition and thirdly by enhancing its output competently.
The CBIC has issued exemption from levy of Customs Duty and Agriculture Infrastructure and Development Cess (AIDC) on import of specified goods this year.
In the notification issued on Friday, the Board stated that “In the notification (No. 49/2021) in paragraph 2, for the figures, letters and word “30th September, 2022”, the figures, letters and words “31st March, 2023. Provided that nothing contained in this notification shall apply to the goods specified against serial numbers 1, 2 and 3 of the Table above on or after the 1st day of October, 2022” shall be substituted.”
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