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ARTICLE · 02 FEBRUARY 2023

Union Budget 2023-2024 Custom Update

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The Union Finance Minister presented the Union Budget 2023 and proposed the Finance Bill, 2023 in the Lok Sabha on February 1, 2023. An overview of post-budget Customs and Central Excise...

IndiaInternational Law
DGS Associates
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The Union Finance Minister presented the Union Budget 2023 and proposed the Finance Bill, 2023 in the Lok Sabha on February 1, 2023. An overview of post-budget Customs and Central Excise notifications as well as changes to Customs Laws are listed below.

Legislative amendments in the Customs Act, Customs Tarff Act and Rules made thereunder:

Customs Act, 1962

  • Customs Act, 1962, section 25 has been amended to insert a Proviso to subsection (4A) to provide that the validity of two years shall not apply to exemption notifications issued in relation to multilateral or bilateral trade agreements; obligations under international agreements, treaties, conventions; UN agencies, diplomats, international organizations; privileges of constitutional authorities; schemes under Foreign Trade Policy or other Central Government schemes having a validity of more than two years; re-imports, temporary imports, goods imported as gifts or personal baggage; any duty of customs

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