Notes - Notes on clauses - Customs - Finance Bill, 2010

Notes on clauses Customs Clause 57 of the Bill seeks to amend section 127B of the Customs Act with a view to substitute the words "but excluding the goods not included in the entry made under this Act", with the words "or otherwise". Clause 58 of the Bill seeks to amend sub-section (6) of section 127C of the Customs Act to insert a proviso therein with a view to provide that the period specified under that sub-section may be extended by the Settlement Commission for a further period not exceeding three months, for reasons to be recorded in writing. Clause 59 of the Bill seeks to amend section 127L of the Customs Act with a view to make certain amendments in sub-section (1) and to omit sub-section (2) to provide that the assessee shall be entitled to apply for settlement in any matter before the Settlement Commission except in the circumstances specified therein. Clause 60 of the Bill seeks to amend notification numbers G.S.R. 118(E), dated 1st March, 2002 and G.S.R. 92(E), dated 1st March, 2006 issued under sub-section (1) of section 25 of the Customs Act retrospectively with effect from 26th June, 2009 so as to - (a) increase customs duty from nil to 16%, on the removal of electrical energy from Special Economic Zone to Domestic Tariff Area or the non-processing areas of a Special Economic Zone and to provide that in respect of other supplies, the rate shall continue to be nil; (b) exempt electrical energy from 4% Special Countervailing Duty leviable under sub-section (5) of section 3 of the Customs Tariff Act.