Amendment of section 25.
82. In section 25 of the Customs Act, after sub-section (4), the following sub-section shall be inserted, namely:––
“(4A) Where any exemption is granted subject to any condition under sub-section (1), such exemption shall, unless otherwise specified or varied or rescinded, be valid upto 31st day of March falling immediately after two years from the date of such grant or variation:
Provided that in respect of any such exemption in force as on the date on which the Finance Bill, 2021 receives the assent of the President, the said period of two years shall be reckoned from the 1st day February, 2021.”.
Notes on Clauses:
Clause 82 of the Bill seeks to insert a new sub-section (4A) in section 25 of the Customs Act so as to provide that the exemption to be granted subject to conditions under sub-section (1) shall, unless otherwise specified or varied or rescinded, be valid for a period upto the 31st March falling immediately after two years from the date of such grant or variation.
It further seeks to insert a proviso therein to provide that in respect of any such exemption in force as on the date on which the Finance Bill, 2021 receives the assent of the President, the said period of two years shall be reckoned from the 1st February, 2021.
