Section 58 of Finance Act 2018 : Amendment of section 2 Customs Act

By | April 1, 2018
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(Last Updated On: April 18, 2018)

Section 58 of Finance Act 2018

[Section 58 of Finance Act 2018 deals with Amendment of section 2 and is covered in CHAPTER IV INDIRECT TAXES]

Amendment of section 2

58. In the Customs Act, in section 2,—

(i)for clause (2), the following clause shall be substituted, namely:—
‘(2) “assessment” means determination of the dutiability of any goods and the amount of duty, tax, cess or any other sum so payable, if any, under this Act or under the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act) or under any other law for the time being in force, with reference to—
(a)the tariff classification of such goods as determined in accordance with the provisions of the Customs Tariff Act;
(b)the value of such goods as determined in accordance with the provisions of this Act and the Customs Tariff Act;
(c)exemption or concession of duty, tax, cess or any other sum, consequent upon any notification issued therefor under this Act or under the Customs Tariff Act or under any other law for the time being in force;
(d)the quantity, weight, volume, measurement or other specifics where such duty, tax, cess or any other sum is leviable on the basis of the quantity, weight, volume, measurement or other specifics of such goods;
(e)the origin of such goods determined in accordance with the provisions of the Customs Tariff Act or the rules made thereunder, if the amount of duty, tax, cess or any other sum is affected by the origin of such goods;
(f)any other specific factor which affects the duty, tax, cess or any other sum payable on such goods,
and includes provisional assessment, self-assessment, re-assessment and any assessment in which the duty assessed is nil;’;
(ii)in clause (6), for the words “Central Board of Excise and Customs”, the words “Central Board of Indirect Taxes and Customs” shall be substituted;
(iii)in clause (28), for the words and figure “contiguous zone of India under section 5”, the words and figure “Exclusive Economic Zone under section 7” shall be substituted;
(iv)after clause (30A), the following clause shall be inserted, namely:—
‘(30AA) “notification” means notification published in the Official Gazette and the expression “notify” with its cognate meaning and grammatical variation shall be construed accordingly;’.

Finance Act 2018 : Assented by President : Download Print Notification

 

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