Effective August 2024: Changes to Customs Duty on Goods for Laboratory and Research Use.
31 July 2024
The Central Government has amended the Customs Notification No. 50/2017-Customs, dated June 30, 2017, under the Customs Act, 1962, and the Customs Tariff Act, 1975. The changes, effective August 1, 2024, include:
1. New Entry Added: A new entry (S. No. 606A) has been introduced for goods classified under tariff code 9802 00 00, specifically excluding undenatured ethyl alcohol. These goods, used for laboratory or research and development purposes, will be subject to a 10% duty.
2. New Condition Imposed: Importers must submit an undertaking confirming that the goods will only be used for the specified purposes and not for sale or trade. If the goods are not used as stated, the importer will be liable to pay the duty that would have applied if not for the exemption.
The amendments will take effect from August 1, 2024.