CBIC Notification

CBIC Update: Customs Duty & Acetone Producer Name Change

CBIC Update Customs Duty & Acetone Producer Name Change

The government of India, through the Ministry of Finance and Department of Revenue, has passed notifications with notification no. 02/2024-customs (ADD): Change the concerned producer name to M/s INEOS Phenol Singapore Pte.Ltd from M/s Mitsui Phenols Singapore Pte Ltd in the duty table published in the earlier notifications in the gazette of India via notification number 7/26/20218 dated 5 March 2019. This notification is nothing but an update in the previous notification to reflect the change of producer name.

Overview Of the Notification

This said notification is related to the anti-dumping duties charges on the specific goods Acetone in India. A notification vide no 7/26/2018-DGAD dated 5 March 2019 has imposed definitive anti-dumping duties on acetone goods imported from the European Union, Singapore, South Africa, and the United States of America. In this said notification, the government of India has mentioned the key points by highlighting the specific reasons behind the imposition of anti-dumping duties charges such as:

  1. The product Acetone that is imported by the Indian government from the said countries is imported at very low fair market prices or dumped prices.
  2. The domestic market has suffered continuous injury due to such dumped import prices.  
  3. Therefore, the government has observed in its final findings that if such anti-dumping charges are ceased from such countries, the injury towards the domestic producers will continue impacting the Indian economy.

Key Highlights of the Notifications

 The Government of India, through its designated officer, has passed a notification vide no 7/09/2023-DGTR, dated 22 December 2023, notifying that the producer or exporter, a Singapore-based company named Mitsui Phenols Singapore Pte. Ltd is changed to INEOS Phenol Singapore Pte. Ltd. Through this notification, the government of India has amended the said name to the final findings that were earlier vide notification no.7/26/2018-DGAD dated 5 March 2019 was published.

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Understanding on Terms

 Acetone

Acetone is a chemical that is used for various purposes such as medicine, cosmetics, laboratory, electronics, etc. It is an organic solvent commonly used by the pharmaceutical industry

Imported Goods

Imported goods are those goods that are transferred from the foreign country to the home country. However, it is a goods that a country buys from another country, unlike an export goods that a country sells to another country.

Anti-Dumping Duty

 It is a tax imposed on goods imported from another country to compensate for the difference in the price of exports and the normal fair value price. These tax charges help the domestic market from constant injury due to importing goods at a low fair market price. 

Conclusion

This notification by the Government of India through a finance minister efn_note]https://dea.gov.in/ministers[/efn_note] is nothing but an update on the changes in the name of the Acetone Producer from Singapore. However, through this notification, the Government of India has highlighted the earlier notification on the imposition of anti-dumping tariff charges on the specific goods Acetone imported from the European Union, Singapore, South Africa, and the United States of America.

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