Notes - Notes on clauses - Customs Tariff - Finance Act, 2010

Customs Tariff Clause 61 of the Bill seeks to substitute the first proviso in subsection (2) of section 3 of the Customs Tariff Act, so as to provide that in case of an article imported into India, where the like article is produced or manufactured in India, or in case where such like article is not so produced or manufactured, then, the class or description of articles to which the imported article belongs is the goods in respect of which it is required under the provisions of Standards of Weights and Measures Act, 1976 or rules made thereunder, to declare the retail sale price on the imported article and is specified by the Central Government by notification in the Official Gazette under section 3 read with clause (1) of Explanation III of the Schedule to the Medicinal and Toilet Preparations (Excise Duties) Act, 1955, the value of the imported article shall be deemed to be the retail sale price declared on the imported article less such amount of abatement, if any, from such retail sale price as the Central Government may, by notification in the Official Gazette, allow in respect of such like article under clause (2) of the said Explanation. Clause 62 of the Bill seeks to amend the First Schedule to the Customs Tariff Act so as to amend the First Schedule in the manner specified in the Third Schedule so as to amend the entries relating to certain tariff items of Chapters 24 and 27.