customs notifications
Revised Tariff Rates for Electronic Components
Published on July 15, 2024
Notification No. 45/2024-Customs
Subject: Amendment in the First Schedule to the Customs Tariff Act, 1975.
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E), dated the 30th June, 2017, namely:-
In the said notification, in the Table, -
(i) against S. No. 452, for the entry in column (4), the entry “15%” shall be substituted;
(ii) against S. No. 512, for the entry in column (4), the entry “10%” shall be substituted.
The changes apply to specific HSN codes under Chapter 85, including printed circuit boards (85340000) and certain types of integrated circuits (85423100). This move is aligned with the 'Make in India' initiative and aims to reduce import dependency for key electronic parts. Importers are advised to review their supply chains and costing structures accordingly.