99. Amendment of notification issued under sub-section (1) of section 25 of Customs Act and sub-section (12) of section 3 of Customs Tariff Act, retrospectively.
(1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 850 (E), dated the 8th July, 2017, amending the notification number G.S.R. 785 (E), dated the 30th June, 2017 which was issued in exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975) , shall be deemed to have, and always to have, for all purposes, come into force on and from the 1st day of July, 2017.
(2) Refund shall be made of all such integrated tax which has been collected, but which would not have been so collected, had the amendement made vide the notification referred to in sub-section (1) been in force at all material times:
Provided that an application for claim of integrated tax shall be made within a period of six months from the date on which the Finance Bill, 2018 receives assent of the President.
Notes on Clauses:
Clause 99 of the Bill seeks to give retrospective effect to the notification number G.S.R. 850(E), dated the 8th July, 2017 amending the notification number G.S.R. 785(E), dated the 30th June, 2017 issued under sub-section (1) of section 25 of the Customs Act, so as to give retrospective exemption from the integrated tax leviable under sub-section (7) of section 3 of the Customs Tariff Act, 1975 on aircrafts, aircraft engines and other aircraft parts imported under cross-border lease during the period from the 1st July, 2017 up to the 7th July, 2017.
