CBIC Extends Yellow Peas Exemption, Imposes Onion Export Duty, Updates Oil Duties-Future Tax

future Tax August 11, 2024

CBIC Extends Yellow Peas Exemption, Imposes Onion Export Duty, Updates Oil Duties-Future Tax

Income Tax
September 14, 2024
No Comment
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12 minutes read

CBIC extend the specified condition of exemption to imports of Yellow Peas (HS 0713 10 10) to bill of lading issued on or before 31.12.2024. to impose export duty of 20% on exports of Onions (HS 0703 10); to change rates of BCD and AIDC on crude and refined edible oils vide Notification No. 43/2024-Customs| Dated: 13th September 2024.

Notification No. 43/2024-Customs, issued on September 13, 2024, by the Ministry of Finance, introduces several key amendments to existing customs regulations. The notification extends the exemption for imports of yellow peas (HS 0713 10 10) to bills of lading issued on or before December 31, 2024. This extension aims to support the ongoing importation of yellow peas under the specified conditions. Additionally, the notification imposes a new export duty of 20% on onions (HS 0703 10), effective immediately. This change seeks to regulate the export of onions and manage domestic supply.<

The notification also updates the rates of Basic Customs Duty (BCD) and Agricultural Infrastructure Development Cess (AIDC) for crude and refined edible oils. It amends previous notifications to adjust these rates, impacting the cost of importing edible oils. The updated rates are intended to align with the government’s fiscal policy and trade strategies. These changes are effective from September 14, 2024, and will influence both import and export activities related to the specified products.

MINISTRY OF FINANCE
(Department of Revenue)

Notification No. 43/2024-Customs| Dated: 13th September 2024

G.S.R. 573(E).–In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) read with section 124 of the Finance Act, 2021 (13 of 2021), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby amends the following notifications of the Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the Table below, to the extent specified in the corresponding entries in column (3) of the said Table, namely:-

Table

S. No.	Notification No. and Date	Amendments
(1)	(2)	(3)
1.	27/2011-Customs, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 153(E), dated the 1^st March, 2011	In the said notification, in the TABLE, against S. No. 1, in column (4), for the entry, the entry “20%” shall be substituted;
2.	50/2017-Customs, dated the 30^th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785 (E), dated the 30^th June, 2017	In the said notification, in the TABLE,- i. against S. No. 57, in column (4), for the entry, the entry “20%” shall be substituted; ii. against S. No. 61, in column (4), for the entry, the entry “20%” shall be substituted; iii. against S. No. 70, in column (4), for the entry, the entry “20%” shall be substituted;
3.	11/2021-Customs, dated the 1st February, 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 69(E), dated the 1^st February, 2021	In the said notification, in the Table, – i. against S. No. 7, in column (4), for the entry, the entry “5%” shall be substituted; ii. against S. No. 8, in column (4), for the entry, the entry “5%” shall be substituted;
4.	48/2021-Customs, dated the 13^th October, 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 733(E), dated the 13^th October, 2021	In the said notification, in the TABLE, S. Nos. 1, 2, 3, 4, 5, 6 and the entries relating thereto shall be omitted;
5.	49/2021-Customs, dated the 13^th October, 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 734(E), dated the 13^th October, 2021	In the said notification, in the Table, S. Nos. 1, 2, 3 and the entries relating thereto shall be omitted;
6.	64/2023-Customs, dated the 07^th December, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 884(E), dated the 07^th December, 2023	In the said notification, in the TABLE, against Sl. No. 1, in Column (4), for the words and figures “31^st day of October, 2024”, the words and figures “31^st day of December, 2024” shall be substituted;

2. This notification shall come into force from the 14^th day of September, 2024.

[F. No. 190354/145/2024-TRU]
AMREETA TITUS, Dy. Secy.

Note:

1. The principal notification No. 27/2011-Customs, dated the 1^st March, 2011, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 153(E), dated the 1^st March, 2011, and was last amended vide notification No. 37/2024-Customs, dated the 23^rd July, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 440(E), dated the 23^rd July, 2024.

2. The principal notification No. 50/2017-Customs, dated the 30^th June, 2017, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E), dated the 30^th June, 2017, and was last amended vide notification No. 41/2024-Customs, dated the 31^st July, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 467(E), dated the 31^st July, 2024.

3. The principal notification No. 11/2021-Customs, dated the 1^st February, 2021, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 69(E), dated the 1^st February, 2021, and was last amended vide notification No. 32/2024-Customs, dated the 23^rd July, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 435(E), dated the 23^rd July, 2024.

4. The principal notification No. 48/2021-Customs, dated the 13^th October, 2021, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 733(E), dated the 13^th October, 2021, and was last amended vide notification No. 24/2024-Customs, dated the 3^rd May, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 269(E), dated the 3^rd May, 2024.

5. The principal notification No. 49/2021-Customs, dated the 13^th October, 2021, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 734(E), dated the 13^th October, 2021, and was last amended vide notification No. 24/2024-Customs, dated the 3^rd May, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 269(E), dated the 3^rd May, 2024.

6. The principal notification No. 64/2023-Customs, dated the 07^th December, 2023, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 884(E), dated the 07^th December, 2023, and was last amended vide notification No. 24/2024-Customs, dated the 3^rd May, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 269 (E), dated the 3^rd May, 2024.

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