Circular No.ES/106/2017-18 July 04, 2017
To: Members of the Council
Sub: Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017- Implementation/ Export procedure and sealing of containerized cargo
We would like to inform you that CBEC has issued following circulars on the above subject.
With the introduction of GST, Central Excise duty would not be applicable except on a few commodities like Petroleum products, Tobacco products etc. In view of this Customs (Import of goods at concessional rate of duty for manufacture of excisable goods) Rules, 2016 are being superseded with Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017. The rules shall come in to force from 01.07.17.
GST has become operational from 01-07-2017. In the GST regime, the governing provisions related to exports are contained in section 16 of the Integrated Goods and Service Tax Act, 2017 (IGST Act). Supplies of goods and services for exports have been categorized as 'Zero Rated Supply' implying that goods could be exported under bond or Letter of Undertaking without payment of integrated tax followed by claim of refund of unutilized input tax credit or on payment of integrated tax with provision for refund of the tax paid.
For more information, members may kindly refer to the above Circulars and make note of the same.
V. ANIL KUMAR