9911796707
TMI Blog2019 (10) TMI 1392X X X X Extracts X X X X X X X X Extracts X X X X ..... ter Ring Gear and Universal joint Cross (U.J. Cross) falling under HSN 8708 are taxable in Schedule IV @ 28% as per Notification No.1/2017-Central Tax (Rate) as amended vide Notification No. 24/2018-Central Tax (Rate), dt. 31-12-2018. 2.2 The tax rate in respect of Transmission shafts (including cam shafts and crank shafts) and cranks (excluding crankshaft for sewing machine); gear boxes and other speed changers, including torque converters; flywheels and pulleys, including pulley blocks; clutches and shaft couplings (including universal joints) covered under HSN 8483 was reduced from 28% to 18% vide Notification No. 24/2018-Central Tax (Rate), dt. 31-12-2018. 2.3 The heading no. 8483 also contains classification of goods used for transmi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the, interpretation of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), including the Section and Chapter Notes and the General Explanatory Notes of the First Schedule shall, so far as may be, apply to the interpretation of the above said Notification. Thus, for deciding correct classification of goods Section/Chapter Notes given in above said Customs Tariff Act are to be followed. 2.8 The applicant has relied upon various judicial pronouncements and decisions of Tax Tribunals to support the view that parts and accessories which are primarily used in motor vehicles of headings 8701 to 9705 will be classified under heading 8708 and parts and accessories to be used in machinery, mechanical appliances and electrical appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section XVII of the HSN, parts and accessories of the vehicles, aircraft or equipment concerned should be classified under headings of section XVII, only if they comply with following conditions: (a) They must not be excluded by the terms of Note 2 to Section XVII (b) They must be suitable for use solely or principally with the articles of Chapters 86 to 88 and (c) They must not be more specifically included elsewhere in the Nomenclature. 4.4 In this regard, it is important to refer to Volume 5 of the Explanatory Notes of World Custom Organization. Explanation to heading 87.08 at point (F) of the said notes provide that parts and accessories of this heading exclude internal parts of engine such as crank shafts, cam shafts and flywhee ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
