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Amendment of Customs Tariff Act, 1975

Clause 100 - Bills - INDIRECT TAXES - Customs Tariff - FINANCE BILL, 2018 - Clause 100 - Customs Tariff 100. . In the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), in section 3,-

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hall be inserted, namely:- (8A) Where the goods deposited in a warehouse under the provisions of the Customs Act, 1962 (52 of 1962) are sold to any person before clearance for home consumption or export under the said Act, the value of suc .....

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r (b) where any part of the goods is sold, the proportionate value of such goods as determined under sub-section (8) or the transaction value of such goods, whichever is higher: Provided that where the whole of the warehoused go .....

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further that in respect of warehoused goods which remain unsold, the value or the proportionate value, as the case may be, of such goods shall be determined in accordance with the provisions of sub-section (8). Explanation.- For the purpos .....

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section (10) , the words, brackets, figures and letter or sub-section (10A), as the case may be shall be inserted; (iv) after sub-section (10), the following sub-section shall be inserted, namely:- (10A) Where the goods deposite .....

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ompensation cess under sub-section (9) shall be,- (a) where the whole of the goods are sold, the value determined under sub-section (10) or the transaction value of such goods, whichever is higher; or (b) where any part of the g .....

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han once before such clearance for home consumption or export, the transaction value of the last of such transaction shall be the transaction value for the purposes of clause (a) or clause (b): Provided further that in respect of warehouse .....

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on transaction value , in relation to warehoused goods, means the amount paid or payable as consideration for the sale of such goods. . Clause 100 of the Bill seeks to amend section 3 of the Customs Tariff Act. Sub-clause (i) of said claus .....

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