Section 24, The Finance Act, 2016

Section 2 of the Customs and Tariff Act, 1978 is amendedby inserting immediately after “Protocol” the following new definitions– “raw materials” mean basic materials which are needed for the manufacture of goods, but which are still in a raw, natural, unrefined or unmanufactured state and for a manufacturer, any material or goods which are required for his manufacturing process, whether they have actually been previously manufactured or are processed or are still in a raw or natural state.”