Government imposes 50% Export Duty on Sugar-Derived Molasses
Vide Notification No. 01/2024-Customs dated 15th January, 2024, the Government imposes a 50% export duty on sugar-derived molasses. The Notification reads as follows:
Whereas, the Central Government is satisfied that export duty should be levied on certain articles and that circumstances exist which render it necessary to take immediate action. Now therefore, in exercise of the powers conferred by sub-section (1) of section 8 of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), the Central Government, hereby directs that the Second Schedule to the Customs Tariff Act shall be amended in the following manner, namely:-
In the Second Schedule to the Customs Tariff Act, after S.No. 9A and the entries relating thereto, the following Sl. No. and entries thereto shall be inserted, namely:
|
(1) |
(2) |
(3) |
(4) |
|
“9B. |
1703 |
Molasses resulting from the extraction or refining of sugar |
50%”; |
The above export duty on sugar derived molasses comes into effect from 18th January, 2024.
