The document outlines significant tariff and duty changes in ...

Major Customs Duty Cuts: Transport Vehicles 40% to 20%, Cars 125% to 70%, GST Pre-deposit Now 10%

February 2, 2025

Circulars Customs

The document outlines significant tariff and duty changes in customs and GST legislation effective from 2025. Key modifications include reduction in tariff rates for motor vehicles (from 40% to 20% for transport vehicles, 125% to 70% for passenger vehicles), motorcycles (100% to 70%), and bicycles (35% to 20%). The Customs Act introduces voluntary revision of entry post-clearance and establishes a two-year time limit for finalizing provisional assessments. Notable GST amendments include new Track and Trace mechanisms, mandatory 10% pre-deposit for penalty-only appeals, and clarification on input tax credit distribution. The Settlement Commission will be abolished from April 1, 2025, with pending cases transferred to Interim Boards. These changes aim to streamline tax administration and modify duty structures across various sectors.

View Source

← Previous Next →

The document outlines significant tariff and duty changes in ...

Major Customs Duty Cuts: Transport Vehicles 40% to 20%, Cars 125% to 70%, GST Pre-deposit Now 10%

February 2, 2025

Circulars Customs

You may also like:

Notification No. 24/2024-Customs issued to amend specified customs tariff notifications to exempt applicable import duty on imports of desi chana (HS 0713 20 20) up to...

Under s.25(1) of Customs Act 1962, GOI issued a notification establishing revised import duty rates for specified goods effective Feb 2, 2025. Key provisions include...

Classification of goods - rate of tax - Namkeens or not - The Jackfruit Chips and Banana Chips are classifiable under Customs Tariff Heading 2008.19.40 (Not as Namkeens)...

Quantum of pre-deposit - Considering the justifiable grounds and the bona fide nature of the transaction, the First Appellate Authority when has already ordered the...

Levy of customs duty on import of wheat - rate of duty increased from 20% to 30%

Classification of goods - rate of tax - NAMKEENS or not - The Jackfruit Chips, Banana Chips, Potatoto Chips, Tapioca Chips, Chembu Chips and Pavakka Chips are...

The High Court held that petitioners are entitled to pay 10% of the disputed GST amount as a pre-condition for filing an appeal by debiting the amount available in the...

Business Support Service - appellants are international cricket players - pre-deposit ordered equal to 20% - AT

Notification extends exemption condition for imports of Yellow Peas (HS 0713 10 10) to bill of lading issued until 31.12.2024. Imposes 20% export duty on Onions (HS 0703...

Levy of GST - services provided by the applicant to NMMT under the Agreement, by way of supplying, operating and maintaining air-conditioned electrically operated buses...

Interest on pre-deposit - payment of duty after reversal of duty debited in DEPB scrips is pre-deposit OR duty payment - there cannot be any duty at all when the issue...

Liability to pay customs duty when confiscated goods are redeemed after payment of fine u/s 125 of the Customs Act, 1962 includes liability to pay interest on delayed...

Customs broker's license suspension case involving violations of Regulations 10(d) and 10(e) of Customs Brokers Licensing Regulations (CBLR), 2018. Gross mis-declaration...

Stay of demand - direction to depositing 40% of the outstanding demand - The court found the stance of requiring a 20% pre-deposition as a precondition for stay...

Classification dispute regarding imported goods "MPC7E MRATE IRB 10G/40G 100 QSFP28-MPC-L3 Line Cards [Router Line Cards]" under Customs Tariff Item (CTI) 8517 69 30 or...

Quick Updates: