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Taxation Central Ministry of Finance Customs Act, 1962

Finance Act, 2025

29-Mar-2025 | CG-DL-E-29032025-262125

Government of India has passed the Finance Act, 2025,which come into effect as follows: Sections 2 to 91, 104 to 120, 125, and 136 will be effective from 1st April 2025, while Sections 121 to 124 and 126 to 134 will be effective from a later date.

Highlights of the Act:

- Amendment in section 18 of the Customs Act, 1962 (?Customs Act?) providing a definitive time limit of 2 years for finalization of provisional assessment.

- Insertion of section 18A in Customs Act providing for voluntary revision of Documents (viz., Bills of Entry/Shipping Bills) post clearance.

- Amendment in sections 27 and 28 of Customs Act providing for commencement of the limitation period in case of refund/demand of customs duty on account of revision/amendment of documents from the date of payment of duty or interest.

- Retrospective service tax exemption on reinsurance services under the Weather Based Crop Insurance Scheme and Modified National Agricultural Insurance Scheme between 1 April 2011 and 30 June 2017.

For more information, please refer to the specified document.

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