ITC(HS) Amendments to Come into Retrospective Effect from 17 March 2012

[DGFT Notification No. 21 dated 11^th October 2012]

Subject: - Effect of Notification No. 7 (RE – 2012)/2009-2014 dated 23.7.2012

In exercise of powers conferred by Section 5, read along with Section 3(2) of the Foreign Trade (Development and Regulation) Act, 1992, read with paragraph 2.1 of Foreign Trade Policy, 2009-14, the Central Government hereby makes an amendment in the Schedule 1 – Import Policy of the ITC (HS), 2012.

2. The Notification No. 7 (RE – 2012)/2009-2014 issued on 23.7.2012 incorporated the changes in the descriptions of tariff lines in Chapters 24,26,74,75,76,78 and 79 in accordance with the changes in the Finance Bill 2012-13. This notification was silent on the date on which these changes were to take effect. Accordingly, some interpreted the changes to take effect from the date of notification i.e., 23/07/2012 and some others from the date on which Finance Bill 2012 was passed i.e., 17/03/2012. Therefore, this amendment is being made to impart greater clarity.

3. Accordingly, para 10 of the Notification No. 7 (RE – 2012)/2009-2014 dated 23.7.2012 is amended to add the phrase “and will take effect from 17.03.2012 (the date on which the Finance Bill was passed)” after the existing provision. Therefore, the amended para 10 would read as under:

“Amendments carried out in the Budget have been incorporated in the ITC(HS) 2012 and will take effect from 17.03.2012(the date on which the Finance Bill was passed)”.

4. Effect of this Notification

It is clarified that the Notification No. 7 (RE – 2012)/2009-2014 dated 23.7.2012 takes effect from 17.03.2012