9911796707
TMI BlogAMENDMENTS TO THE CUSTOMS ACT, 1962X X X X Extracts X X X X X X X X Extracts X X X X ..... nder Section 124 of the Finance Act, 2021. (c) "Health Cess" means a duty of customs that is levied under Section 141 of the Finance Act, 2020. (d) "Social Welfare Surcharge (SWS)" means a duty of customs that is levied under Section 110 of the Finance Act, 2018. (e) Clause Nos. in square brackets [ ] indicate the relevant clause of the Finance Bill, 2025. (f) Amendments carried out throug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Finance Bill. b) A new sub-section (1C) is being inserted to provide for certain grounds on which the time-limit of two years for finalizing provisional assessment shall remain suspended. [87] [87] (ii) Insertion of New Section A new section 18A is being inserted after Section 18 of the Customs Act, 1962 for voluntary revision of entry post clearance so that the importers and exporters ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anation 1 of Section 28 A new clause is being inserted in Explanation 1 of section 28 of the Customs Act, 1962, wherein, the relevant date in the case where duty is paid under the revised entry under section 18A is the date of payment of duty or interest. [90] (v) Insertion of new clause in Section 127A A new clause is being inserted after clause (d) and (e) in section 127A of the Customs Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons of this section shall mutatis mutandis apply to the Interim Board as they apply to the Settlement Commission. [94] (ix) Insertion of new sub-section in Section 127F A new sub-section is being inserted after sub-section (4) in section 127F of the Customs Act, 1962, providing that the powers and functions of Settlement Commission shall be exercised or performed by the Interim Board. [95] ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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