CBIC gives exemption to Foreign Going Vessel converted for a coastal run

The Central Board of Indirect Taxes and Customs (CBIC) has notified that exemption is provided to foreign going vessel converted for a coastal run via issuing a notification.

The purpose of this entry is that the vessel is converted to a ‘foreign going vessel’ within six months from the date of conversion.

The official notification stated:

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 for 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), 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: –

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.

This notification shall come into force with effect from the 20th day of October, 2023.

For official notification download the pdf given below: