Section 25 of the Customs Act, 1962 (‘Customs Act’) empowers the Central Government to grant exemptions from the levy of Customs duties with or without corresponding conditions. Over the years, various exemptions were notified under the said provision, some of which had turned outdated or redundant in the course of time but still formed part of the statute book. The task of overhauling old exemptions was announced in the Union Budget 2021-22, wherein the announcement to review and remove redundant notifications was made.
Against this background, Harsh Shah, Partner & Ruchita Shah, Associate Partner, Economic Laws Practice (ELP) have co-authored an article titled ‘General extension to the validity period of conditional Customs exemptions: A task well done?’ published by Business Today wherein they analyze the proviso to Section 25(4A) of the Customs Act, proposed to be inserted by way of Clause 123 of the Finance Bill, 2023 and potential interpretational issues that can arise.
The detailed article can be read here: http://bit.ly/3x7dGPA