Customs Tariff Notifications 01/2024

Last updated: 17 January 2024

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The Ministry of Finance has issued a new customs tariff notification, No. 01/2024, effective from 18th January 2024. This notification introduces an export duty of 50% on molasses, which are a byproduct of sugar extraction or refining. This measure is being taken by the Central Government under the Customs Tariff Act, 1975, to address specific circumstances requiring immediate action.

MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 15th January, 2024
No. 01/2024-Customs

G.S.R. 39(E).—Whereas, the Central Government is satisfied that export duty should be levied on certain articles and that circumstances exist which render it necessary to take immediate action.

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 8 of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), the Central Government, hereby directs that the Second Schedule to the Customs Tariff Act shall be amended in the following manner, namely: -

In the Second Schedule to the Customs Tariff Act, after S. No. 9A and the entries relating thereto, the following Sl. No. and entries relating thereto shall be inserted, namely: -

(1)	(2)	(3)	(4)
“9B.	1703	Molasses resulting from the extraction or refining of sugar	50%”;

2. This notification shall come into force on the 18th of January, 2024.

[F. No. CBIC-190354/9/2024-TO(TRU-I)]
AMREETA TITUS, Dy. Secy.

FAQ :

A new customs duty of 50% is being introduced.

The new customs duty applies to molasses resulting from the extraction or refining of sugar.

This notification comes into force on the 18th of January, 2024.

The Ministry of Finance (Department of Revenue) issued this notification.

This duty is being imposed under the powers conferred by sub-section (1) of section 8 of the Customs Tariff Act, 1975.

Notification No : 01/2024
Source : https://egazette.gov.in/(S(p53hgmeqxavjctah2vrphtvt))/ViewPDF.aspx

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