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MEMORANDUM REGARDING DELEGATED LEGISLATION

MEMO - Draft-Bills-Reports - MEMORANDUM - TAXATION LAWS (AMENDMENT) BILL, 2017 - MEMO - Clause 3 of the Bill seeks to insert new sections 108A and 108B in the Customs Act, 1962. Sub-section (1) of proposed section 108A empowers the Central Government to make rules to provide for the information to be furnished by persons specified therein in respect of import or export of goods and the manner of furnishing such information. 2. The matters in respect of which rules or regulations may be made or n .....

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o the enactments proposed to be enacted for the introduction of goods and services tax. It does not involve any financial implication. STATEMENT OF OBJECTS AND REASONS As the goods and services tax is to be introduced with effect from the 1st day of July, 2017, the following four legislations are in the process of being enacted, namely:- (a) the Central Goods and Services Tax Bill, 2017; (b) the Integrated Goods and Services Tax Bill, 2017; (c) the Union Territory Goods and Services Tax Bill, 20 .....

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Tariff Act, 1975, the Central Excise Act, 1944, the Finance Act, 2001 and the Finance Act, 2005 and repeal of certain enactments. 3. The Customs Act, 1962 provides for removal of goods from a customs station to a warehouse without payment of duty. It is proposed to amend the said Act to include 'warehouse' in the definition of "customs area" to ensure that an importer would not be required to pay the proposed integrated goods and services tax at the time of removal of goods fro .....

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and services tax compensation cess on imported goods, including valuation thereof, so as to provide a level playing field to the domestic industry vis-à-vis imported goods. 5. Consequent to the proposed repeal of the Central Excise Tariff Act, 1944 vide the Central Goods and Services Tax Bill, 2017, a new Schedule, namely, the Fourth Schedule is proposed to be inserted in the Central Excise Act, 1944 to provide for classification and duty rates for excisable goods, namely, Petroleum Crude .....

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