Background:
The GST Council in its 55th meeting held on December 21, 2024, recommended several significant decisions aimed at tax rate changes, trade facilitation, and compliance streamlining under GST. It also recommended to exempt from IGST imports of all equipments and consumable samples by inspection team of International Atomic Energy Agency (IAEA) subject to specified conditions.
Now:
The CBIC issued Notification No. 01/2025-Customs dated January 16, 2025, to amend the Customs Act, 1962 (“the Customs Act”). This amendment, authorized under sections 25(1) of the Customs Act exempts all the equipments and consumable samples falling under the First Schedule to the Customs Tariff Act, 1975 when imported into India, by the Inspection Team of the International Atomic Energy Agency, from the whole of the duty of customs leviable thereon which is specified in the said Schedule-1 and from the whole of the integrated tax leviable thereon under section 3(7) of the said Customs Tariff Act, subject to the following conditions, namely:
- the importer shall produce a certificate along with duly certified list of equipment and consumable samples from the Joint Secretary or the Deputy Secretary of the Department of Atomic Energy to the effect that such equipments and samples are required for carrying out verification or inspections as per terms of Application of Safeguards to Civilian Nuclear Facilities; and
- the Joint Secretary or the Deputy Secretary of the Department of Atomic Energy shall furnish an undertaking on letter head to the Deputy Commissioner of Customs or the Assistant Commissioner of Customs, as the case may be, to the effect that such equipments shall be exported within six months of their import or within such extended period as may be allowed by the Commissioner of Customs, in this behalf and that consumable samples are required for the intended purpose and shall be accounted for.
The notification declares that these changes will come into force with immediate effect.
The Notification can be accessed at: https://a2ztaxcorp.net/wp-content/uploads/2025/01/CBIC-N.No_.-01_2025-Customs.pdf
