Page 39 - DHC Budget Book 2021-22 Final
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condition that the registered person making such supply shall, in case of non-realisation of sale proceeds, deposit the refund so received along with the applicable interest within 30 days after the expiry of the time limit prescribed under the Foreign Exchange Management Act, 1999 for receipt of foreign exchange remittances.
The Government may notify: (a) the class of persons who may make zero rated supply on payment of integrated tax and claim refund of the tax and, (b) a class of goods or services which may be exported on payment of integrated tax.
Central Excise (Non – GST Items)
Amendments in the Fourth Schedule of the Central Excise Act 1944
In Chapter 27, description of goods under Tariff item 2709 (petroleum oils and oils obtained from bituminous minerals, crude) has been amended.
In the headings of Section IV and Chapter
24 shall be substituted with “Tobacco and manufactured tobacco substitutes; products, whether or not containing nicotine, intended for inhalation without combustion; other nicotine containing products intended for the intake of nicotine into the human body”.
Tariff item 2404 has been added in Chapter 24 for charging duty on the abovementioned tobacco items.
The Customs Act, 1962
[to be effective from the date of enactment of the Bill]:
Introduction of Common Customs Electronic Portal
CBIC empowered to notify a common portal to be called the Common Customs Electronic Portal for facilitating registration, filing of bill of entry, shipping bill, other documents and forms, payment of duty and for such other purposes as may be specified. [Sec. 154C]
Online facility shall now be made available to amend documents electronically through the customs automated system and to enable
certain amendments on the common portal. [Sec. 149]
To enable service of order, summons, notice or any other communication under the said Act on the said common portal. [Sec. 153]
Validity for conditional exemption under customs restricted upto 31st day of March falling immediately after two years from the date of such exemption, unless otherwise specified. The period of two years for existing exemption in force as on the date on which the Finance Bill 2021 receives assent shall be reckoned from 01- 02-2021. [Sec. 82]
Specific time lines provided for completion of inquiry or investigation culminating into issuance of show cause notice, being two years from the date of initiation of such audit, search, seizure
or summons, which may further be extended by a period of one year. For computing time limit
of two years, period of stay involved should be excluded. [Sec. 28BB]
Amendment proposed for mandatory filing of bill of entry in advance, i.e. before the day of arrival (including holidays) of conveyance.[Sec. 46]
CBIC empowered to provide different time limits for presentation of bill of entry in such cases, to ensure faster clearance. [Sec. 46]
Procedure proposed for disposal of seized gold upon application to Commissioner (Appeals) and to carry out various procedures in this regard. Commissioner (Appeals) empowered to discharge duties conferred or imposed on an officer of customs. [Sec. 110]
Amendment proposed for confiscation of goods which has entered for exportation under claim
of remission or refund of any duty or tax on account of any contravention of the provisions of the Act [Sec. 113]
Penal provision proposed for fraudulent utilisation of input tax credit for discharging any duty or tax on goods entered for exportation under claim of refund with penalty upto five times of the refund claim [Sec. 114AC]
Inventories, photographs and lists certified by the Commissioner (Appeals) to be included under the definition of ‘documents’ which may be produced as an evidence. [Sec. 139]
Content
Budget Snapshots Basic 37
