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Core Purpose

Notification under Section 25(1) of the Customs Act, 1962 amending Customs notification No. 154/94-Customs to raise a monetary threshold in condition (v) of the exemption table from Rs.1,00,000 to Rs.3,00,000.

Detailed Summary

The Ministry of Finance, Department of Revenue, by notification No. 29/2024-Customs, G.S.R. 432(E), dated 23rd July 2024, exercising powers under sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), further amends notification No.154/94-Customs dated 13th July 1994 (G.S.R. 583(E), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)), by substituting, in the TABLE against S.No.3, column 3, condition (v), clause (A), sub-clause (b), the amount 'Rs.1,00,000 (One lakh)' with 'Rs.3,00,000 (Three lakhs)'; the amendment takes effect from 24th July 2024; the notification is signed by Nitish Karnatak, Under Secretary (F. No. 334/03/2024-TRU), and notes that the principal notification No.154/94-Customs was last amended by notification No. 43/2017-Customs dated 30th June 2017 (G.S.R. 778(E)).

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-23072024-255667 EXTRAORDINARY PART II-Section 3-Sub-section (i) PUBLISHED BY AUTHORITY No. 393] NEW DELHI, TUESDAY, JULY 23, 2024/SHRAVANA 1, 1946 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 23rd of July, 2024 No. 29/2024-CUSTOMS G.S.R. 432(E). In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.154/94-Customs, dated the 13th July, 1994, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 583 (E),dated the 13th July, 1994, namely :- 1. In the said notification, in the TABLE, against S.No.3, in column 3, in condition (v), in clause (A), in sub- clause (b), for the letters, figures, brackets and words "Rs.1,00,000 (One lakh)", the letters, figures, brackets and words "Rs.3,00,000 (Three lakhs)" shall be substituted. 2. This notification shall come into force on the 24th day of July, 2024. [F. No. 334/03/2024-TRU] NITISH KARNATAK, Under Secy. Note: The principal notification No.154/94-Customs, dated the 13th July, 1994 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 583(E), dated the 13th July, 1994 and was last amended by notification No. 43/2017-Customs, dated the 30th June, 2017, vide number G.S.R. 778(E), dated the 30th June, 2017. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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