{"id":74306,"date":"2023-09-25T15:27:17","date_gmt":"2023-09-25T09:57:17","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=74306"},"modified":"2024-05-22T12:18:26","modified_gmt":"2024-05-22T06:48:26","slug":"amendments-in-customs-duty-exemptions-to-textile-machinery","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/amendments-in-customs-duty-exemptions-to-textile-machinery\/","title":{"rendered":"CBIC notifies amendments in Customs Duty exemptions provided to textile machinery"},"content":{"rendered":"

The CBIC has recently introduced amendments to Notification No. 50\/2017 dated 30th<\/sup> June 2017 vide Notification No. 52\/2023-Customs dated 5th<\/sup> September 2023. The amendment<\/a> seeks to address Customs Duty<\/a><\/strong> exemptions for textile machinery. It aims to reshape the exemption criteria and extend their applicability. This amendment involves the revision of S. No. 460 of the existing notification. This section of the existing notification relates to various categories of textile machinery and their associated components. The updated S. No. 460 now encompasses shuttleless rapier looms, shuttleless waterjet looms, and shuttleless air-jet looms with specific speed thresholds. In addition, parts and components used in the manufacturing of shuttleless looms are included in this revised ambit.<\/p>\n\n\n\n

What does the change relate to?<\/h2>\n\n\n\n

The present notification has made a significant change concerning the timeline of the exemption’s applicability. The benefits outlined in S. No. 460 are valid till 31st<\/sup> March 2025, after which the exemptions cease to be effective. This timeline is a key marker for manufacturers and importers to assess their strategies for importing and utilizing these textile machineries.<\/p>\n\n\n\n

The amendments introduced underline the government’s focus on promoting the textile industry’s growth and modernization. By incentivizing the import of advanced textile machinery, the government aims to enhance production capabilities and maintain competitive efficiency in the global market<\/a>. The inclusion of specific speed thresholds for different types of shuttleless looms reflects the intent to prioritize high-speed and technologically advanced machinery and facilitate productivity improvements in the textile sector.<\/p>\n\n\n\n

What is the purpose of this notification?<\/h2>\n\n\n\n

It encourages the modernization of the textile industry through targeted Customs duty exemptions. The focus is on high-speed shuttleless looms and associated components, acknowledging the importance of innovation and efficiency in the sector. Players in the industry need to be mindful of the revised timeline for exemption applicability, ensuring effective planning and utilization of these benefits. The changes align with the government’s vision to transform and bolster the textile industry’s domestic and international competitiveness, thereby fostering growth and technological advancement.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

This notification aims to reshape the exemption criteria and extend its applicability to 31st<\/sup> March 2025. This notification also involves the revision of S. No. 460 of the existing notification, which relates to various categories of textile machinery and their associated components. The amendment made via this notification is expected to align with the government’s vision to transform and boost the textile industry’s competitiveness, which will ultimately lead to growth and technological advancement.<\/p>\n\n\nCBIC-notifies-amendments-in-Customs-Duty-exemptions-provided-to-textile-machinery
<\/a>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The CBIC has recently introduced amendments to Notification No. 50\/2017 dated 30th June 2017 vide Notification No. 52\/2023-Customs dated 5th September 2023. The amendment seeks to address Customs Duty exemptions for textile machinery. It aims to reshape the exemption criteria and extend their applicability. This amendment involves the revision of S. No. 460 of the […]<\/p>\n","protected":false},"author":56,"featured_media":74355,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[11305],"tags":[2832],"acf":{"service_id":"588"},"yoast_head":"\nRecent Amendments in Customs Duty Exemptions for Textile Machinery by CBIC<\/title>\n<meta name=\"description\" content=\"The CBIC has recently introduced amendments to Notification No. 50\/2017 dated 30th June 2017 vide Notification No. 52\/2023-Customs dated 5th September 2023.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/amendments-in-customs-duty-exemptions-to-textile-machinery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Recent Amendments in Customs Duty Exemptions for Textile Machinery by CBIC\" \/>\n<meta property=\"og:description\" content=\"The CBIC has recently introduced amendments to Notification No. 50\/2017 dated 30th June 2017 vide Notification No. 52\/2023-Customs dated 5th September 2023.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/amendments-in-customs-duty-exemptions-to-textile-machinery\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-25T09:57:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-22T06:48:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2023\/09\/CBIC-notifies-amendments-in-Customs-Duty-exemptions-provided-to-textile-machinery.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"840\" \/>\n\t<meta property=\"og:image:height\" content=\"441\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Margesh Rai","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2024\/03\/margesh.kumar_.rai_.png","authorDescription":"Margesh Kumar Rai is a passionate and versatile content writer with 6+ years of combined experience as a content writer and content moderator in BFSI, Fintech, Growth Advisory, Business Valuation, Debt Recovery, etc. His interest in the field of startup consulting and compliance support pulled him into the space of legal fintech research.","postViews":449,"readingTime":2,"nextPost":{"id":74320,"slug":"sebi-voluntary-delisting-norms-review"},"prevPost":{"id":74325,"slug":"applicability-of-rbi-scale-based-regulation-through-nbfc"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2023\/09\/CBIC-notifies-amendments-in-Customs-Duty-exemptions-provided-to-textile-machinery.jpg","postTerms":"CBIC Notification","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/74306"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=74306"}],"version-history":[{"count":8,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/74306\/revisions"}],"predecessor-version":[{"id":74431,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/74306\/revisions\/74431"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/74355"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=74306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=74306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=74306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}