CHAPTER IV
INDIRECT TAXES
Customs
Customs Tariff
Amendment of section 3.
61. In the Customs Tariff Act, 1975 [51 of 1975.] (hereinafter referred to as the Customs Tariff Act), in section 3, in sub-section (2), for the first proviso, the following proviso shall be substituted, namely:—
" Provided that in case of an article imported into India,—
(a) in relation to which it is required, under the provisions of the Standards of Weights and Measures Act,1976 [60 of 1976.] or the rules made thereunder or under any other law for the time being in force, to declare on the package thereof the retail sale price of such article; and
(b) where the like article produced or manufactured in India, or in case where such like article is not so produced or manufactured, then, the class or description of articles to which the imported article belongs, is—
(i) the goods specified by notification in the Official Gazette under sub-section (1) of section 4A of the Central Excise Act, 1944,[ 1 of 1944.] the value of the imported article shall be deemed to be the retail sale price declared on the imported article less such amount of abatement, if any, from such retail sale price as the Central Government may, by notification in the Official Gazette, allow in respect of such like article under sub-section (2) of section 4A of that Act; or
(ii) the goods specified by notification in the Official Gazette under section 3 read with clause (1) of Explanation III of the Schedule to the Medicinal and Toilet Preparations (Excise Duties) Act, 1955,[ 16 of 1955.] the value of the imported article shall be deemed to be the retail sale price declared on the imported article less such amount of abatement, if any, from such retail sale price as the Central Government may, by notification in the Official Gazette, allow in respect of such like
article under clause (2) of the said Explanation.
Explanation.—Where on any imported article more than one retail sale price is declared, the maximum of such retail sale price shall be deemed to be the retail sale price for the purposes of this section.''.
Notes on Clauses:
Clause 61 of the Bill seeks to substitute the first proviso in subsection (2) of section 3 of the Customs Tariff Act, so as to provide that in case of an article imported into India, where the like article is produced or manufactured in India, or in case where such like article is not so produced or manufactured, then, the class or description of articles to which the imported article belongs is the goods in respect of which it is required under the provisions of Standards of Weights and Measures Act, 1976 or rules made thereunder, to declare the retail sale price on the imported article and is specified by the Central Government by notification in the Official Gazette under section 3 read with clause (1) of Explanation III of the Schedule to the Medicinal and Toilet Preparations (Excise Duties) Act, 1955, the value of the imported article shall be deemed to be the retail sale price declared on the imported article less such amount of abatement, if any, from such retail sale price as the Central Government may, by notification in the Official Gazette, allow in respect of such like article under clause (2) of the said Explanation.
