• As per Section 15 of the Custom Act, 1962, the rate of Custom duty of the imported goods is determined as applicable on the date of presentation of Bill of Entry. However, where such Bill of Entry is presented prior to arrival of vessel or aircraft, then the rate is applicable as on the date of arrival. The above provision was not applicable to inward movement through Road or Railway. Henceforth, same have been aligned with Vessel or aircraft. (Effective from the date when President of India gives assent to Finance Bill)
  
  Necessary amendments have also been incorporated under Section 46 of the Custom Act, 1962.

• It has been proposed to increase the discretionary power of the Appellate Tribunal to refuse admission of an appeal from existing Rs. 50,000/- to Rs 2,00,000/-. (From the date when President of India gives assent to Finance Bill)

• Time period for review by Commissioner of Custom/Committee of Chief Commissioner of Custom was 3 months. It has been proposed to empower Board to extend above period by further 30 days. (From the date when President of India gives assent to Finance Bill)

• Retrospective amendments have been made whereby liquefied propane and butane mixture, liquefied propane, liquefied butane and liquefied petroleum gases (LPG) imported by the Indian Oil corporation Limited, Hindustan Petroleum Corporation Limited or Bharat Petroleum Corporation Limited for supply to household domestic consumers or to non-domestic exempted (NDEC) customers for the period 8th February, 2013 to 10th July, 2014 have been exempted. The importers would entitle to claim refund of custom duty paid during above period. Further the application for refund shall be made within 6 months from the date on which the Finance (No. 2) bill, 2014 gets assent of the President of India.

• Advance Ruling facility has been extended to Resident Private Limited Companies & Resident

Back to Budget Analysis 2014-2015