CBIC further extends the exemption from IGST and compensation cess to EOUs on imports till Mar 31, 2021

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CBIC vide Notification No. 16/2020- Customs dated March 24, 2020 amended Notification No. 52/2003- Customs dated March 31, 2003 to extend the exemption from IGST and compensation cess to EOUs on imports till March 31, 2021 by substituting “1st day of April, 2020” in proviso to the opening para of Notification No. 52/2003- Customs dated March 31, 2003  with “1st day of April, 2021”.

Previously it was read as:

“In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) (hereinafter referred to as the said Customs Act), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts,-

(a)…

.

.

.

from-

(B) the integrated tax and compensation cess leviable thereon under sub-sections (7) and (9), respectively of section 3 of the said Customs Tariff Act:

Provided that nothing contained in clause (B) above shall apply on or after the 1st day of April, 2020, subject to the following conditions, namely:-…”

Read More at: http://cbic.gov.in/resources/htdocs-cbec/customs/cs-act/notifications/notfns-2020/cs-tarr2020/cs16-2020.pdf

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