Drawback rates – Changes in Customs tariff not to effect
As per Section 63(b) of the Finance Act 2006, the Customs Tariff is to undergo a major change from 1.1.2007. As per the Drawback notification No. 81/2006 –Cus NT dated 13th July, 2006,
The tariff items and descriptions of goods in the Schedule are aligned with the tariff items and descriptions of goods in the First Schedule to the Customs Tariff Act at the four-digit level only. The descriptions of goods given at the six digit or eight digit or modified six or eight or ten digits are in several cases not aligned with the descriptions of goods given in the said First Schedule to the Customs Tariff Act.
Now a proviso is added that
“provided that after the amendment of the First Schedule to the Customs Tariff Act, 1975 under clause (b) of section 63 of the Finance Act, 2006 in the manner as provided under its Fourth Schedule with effect from 1st January 2007, the tariff items and description of goods as specified in columns 1 and 2 of the Table (said Schedule) of this notification shall continue to remain aligned with the tariff items and description of goods in the First Schedule to the Customs Tariff Act, 1975 as it existed before the 1st January,2007.”.
In effect, no major upsets in the New Year!
Notification No. dated 28.12.2006