The Central Board of Indirect Taxes and Customs (CBIC) has notified the revised custom duty rates as per the proposals in the Union Budget 2023.
In regard to exemption of blended CNG, the following conditions were laid down that the manufacturers of such blended CNG shall:
(i) maintain detailed records regarding the quantum of Biogas or CBG blended with CNG, along with the value thereof, at the registered premises;
(ii) submit a reconciliation statement, certified by the statutory auditor to the jurisdictional Commissioner of Central Excise by 10th of the month following every quarter; and
(iii) pay the short-paid duty of excise along with applicable interest after such reconciliation.
In an attempt to promote equestrian sports, the import duty of warmblood horses was waived by the Central Government. The horses required for international events cost between 100,000-300,000 Euros, making it almost impossible for an individual rider to pursue the sport. Additionally, the riders were required to pay 42 per cent import duty and keep the horses quarantined for a month, making the costs go higher. The new amendment will make the sport accessible to a wider range of equestrian-sport league fans and fanatics.
The Import Duty on camera lens for the use in manufacture of camera modules of mobile phones and Inputs or sub-parts for use in manufacture of Camera lens of Camera Module of cellular mobile phones were also reduced, resulting in a price drop of mobile phones made in India.
Some other minor changes were also brought about by the Budget Bill of 2023 to the Customs regime, resulting in price variations of gold, imported compounded rubber, silver, diamonds etc.
Most of the changes notified shall come into force on the 2nd day of February, 2023, immediately implementing the financial policy put in place to give a boost to the economic revival of India post-pandemic.
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