Homeeconomy News

    Finance Ministry to exempt relief goods for Kerala from customs duty/IGST till December 31

    Finance Ministry to exempt relief goods for Kerala from customs duty/IGST till December 31

    Finance Ministry to exempt relief goods for Kerala from customs duty/IGST till December 31
    Profile image

    By PTI  IST (Updated)

    The finance ministry has decided to exempt goods imported or supplied for flood relief operations in Kerala from basic customs duty/Integrated Goods and Services Tax (IGST) till December 31, 2018, sources said. A notification to this effect is likely to be issued on Tuesday.
    The notification will be later placed in the next meeting of the GST Council.
    Sources said the finance ministry has proposed to issue a "general exemption" notification under a section of Customs Act to exempt goods from Basic Customs Duty and IGST, which are "imported/supplied for donation for the relief and rehabilitation of the people of Kerala affected by the floods".
    The tax exemptions will be valid till December 31, 2018.
    Kerala has been hit hard by devastating rains and floods leading to loss of lives and damage to property.
    Earlier, Kerala Chief Minister Pinarayi Vijayan had written to the Union Finance Minister requesting for a general exemption of Customs duty and IGST for consignments being despatched or imported from abroad for relief works in the state.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng