The Central Board of Indirect Taxes & Customs (CBIC) on July 31, 2024, issued the notification regarding the amendment to notification no. 50/2017-Customs, dated June 30, 2017, which states “prescribing effective rates of customs duty and IGST for goods imported into India ”
The following has been stated namely: -
• The following entry shall be inserted in the table namely: -
“606A - All goods (excluding undenatured ethyl alcohol of any alcoholic strength) for use in:-(i) Laboratory; or (ii) Research and Development purposes”
• The following Condition shall be inserted in the Annexure namely: -
“123 - If, the importer submits an undertaking before the Deputy Commissioner of Customs or the Assistant Commissioner of Customs, as the case may be, that the goods so imported shall be for use in laboratory or for use in research and development purposes and shall not be sold or traded after importation and that in case of failure to comply with this condition, he shall be liable to pay, in respect of such quantity of the said goods as is proved to have not been so used for the specified purposes, an amount equal to the duty leviable on such quantity but for the exemption under this notification”
This shall come into force on August 01, 2024.
[Notification No. 41/2024-Customs]
