Budget 2016-2017Changes in Customs Act,1962, In Budget 2016-2017

February 29, 20160

The Union Budget 2016-2017 has brought the following Changes  in Customs Act, 1962 :

a.Warehousing provisions are being simplified so as to move from physical control to record based control in most of cases. Several other consequential changes are also being made.

b.Section 25 of the Customs Act, 1962 being amended 80 also omit the requirement of publishing and offering for sale on the date of its issue, by the Directorate of Publicity and Public Relations of CBEC, of notification issued for publication in the official gazette

c.Sections 28, 47, 51 and 156 of the Customs Act, 1962 being amended so as provide for deferred payment of customs duties to certain class of importers and exporters and to increase the limitation period from one year to two year in cases not involving fraud, suppression of facts, wilful mis-statement, etc.

d.New section 58A being inserted to provide for a new class of warehouses which require continued physical control and will be licensed for storing revenue sensitive goods

e.New section 58B being inserted so as to regulate the process of cancellation of licences which is a necessary concomitant of licencing.

f.Section 65 being amended to delete the payment of fees to Customs for supervision of manufacturing facilities under Bond; and empower Principal Commissioner or Commissioner of Customs to licence such facilities.

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