CBIC notifies BCD Exemption on Vessels and other Floating Structures for Breaking up:

CBIC notifies BCD Exemption on Vessels and other Floating Structures for Breaking up The Central Board of Indirect Taxes and Customs(CBIC) issued the notification to amend the Notification No. 50 /2017–Customs which notified the effective rates of Customs Duty and Integrated Goods and Services Tax for goods imported into India. The Current Notification has provided BCD Exemption on Vessels and other Floating Structures for Breaking up. The 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 in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 50/2017-Customs, 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." This is to exempt the Basic Customs Duty (BCD) on Vessels and other Floating Structures for Breaking up under the heading 8908 00 00. The exemption lasts till March 31st, 2025 from February 24rd 2023. Below is given the entries that shall be inserted, namely: Basic custom duty is a tax that is imposed at a predetermined rate based on the value of the items. The ad-valorem rate of the tax is fixed in advance. This tax was imposed for the first time in 1962 and has since been governed by the Customs Tariff Act of 1975. Every item may be exempt from taxation at the central government's discretion. The baseline customs duty ranges from 5% to 40% of the assessable value of imported goods. For Official Notification Download PDF Given Below: