TMI BlogBudget 2011-2012- Customs - Relief Measures:X X X X Extracts X X X X X X X X Extracts X X X X ..... Budget 2011-2012- Customs - Relief Measures: - News and Press Release Dated:- 28-2-2011 - News - 13.1 Exemptions/ concessions have been provided to a number of items with a view to remove anomalies in the duty structure and enable domestic value addition/ production. The details of these changes are available in the relevant notifications as well as the Explanatory Notes. These may kindly be r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eferred to. 13.2 Full exemption from import duty is available to works of art imported for exhibition in a public museum or national institution. The scope of this exemption is being expanded to include imports made for exhibition of works of art in private galleries that allow unrestricted access to general public, subject to the fulfillment of certain conditions. 13.3 In order to resolve o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngoing disputes, certain clarificatory amendments have been made in exemption notifications/entries. Specifications have been prescribed for coking coal which is fully exempt from customs duty under S. No. 68 of notification No. 21/2002 dated 1st March, 2002 so that it may be distinguished from non-coking coal which attracts a duty of 5%. Similarly, an Explanation has been added to the entry at S. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nos 344 and 345 of the same notification to define a Completely Knocked Down. (CKD) unit of a vehicle to exclude a unit containing a pre-assembled engine, gearbox or transmission mechanism as well as a body assembly on which a sub-assembly of assembled engine, gearbox or transmission mechanism is installed. The Explanation to Notification No. 14/2004 Customs dated 8Th January,2004 has been amend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to clarify that a water supply project includes water pumping station and water storage facility. A similar amendment has been carried out in entry 26A of Notification No. 42/1996-Customs dated the 23rd July, 1997. 13.4 As a trade facilitation measure, it has been decided to reduce the security amount to be tendered at the time of registration of a contract under Project Import Regulations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to 2% of the contract value with a ceiling of Rs.1 crore to be taken in the form of bank guarantee. It has also been decided that the bank guarantee would not be required to be renewed if the finalization is not completed within six months of the submission of the necessary documentation by the importer. Instructions contained in letter of even file number dated 1st March, 2011 may kindly be seen. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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