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of <h1>Finance Act 2007 Omits Section 76F of Customs Act, 1962, Changing Duty Rules for Special Economic Zones.</h1> Section 76F of the Customs Act, 1962, which detailed the levy of customs duties related to Special Economic Zones, was omitted by the Finance Act of 2007, effective from May 11, 2007. Previously, it mandated that goods entering a Special Economic Zone from the domestic tariff area were subject to export duties, while goods removed for home consumption were subject to customs duties, including anti-dumping and countervailing duties. The applicable duty rates and tariff valuations were determined based on the date of admission or removal of goods, or the date of duty payment if the former was not ascertainable.
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