CBIC exempts works of art and antiques from whole of the integrated tax [Read Notification]:

CBIC exempts works of art and antiques from whole of the integrated tax [Read Notification] The Ministry of Finance has notified an amendment under the powers granted by Section 25(1) of the Customs Act, 1962, to Notification No. 29/2025-Customs dated 9th May 2025. This section gives the central government the power to exempt any goods from customs duty if the government is satisfied that this exemption is in the public interest. Accordingly, in the Notification No. 38/ 2025-Customs, dated 17th September, 2025, the central government has made the revision by exempting specified goods from the Integrated tax under Section 3(7) of the Customs Tariff Act, which levies Integrated Goods and Services Tax (IGST) on the goods imported into India. This new update is applicable from September 22, 2025.

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Government Scraps Compensation Cess Effective from Sept 22, 2025 [Read Notification]

As a part of the amendment, in the opening paragraph of the notification, after the words "specified in the said Schedule", the following is being inserted: "and from the whole of the integrated tax leviable thereon under sub-section (7) of section 3 of the said Customs Tariff Act"