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of <h1>Regulatory Customs Duties Under Finance Act 1970: Central Govt Can Levy Up to 25% on Imports Until May 15, 1971</h1> Section 30 of the Finance Act, 1970, outlines the imposition of regulatory customs duties to manage imports. The Central Government can levy these duties, not exceeding 25% of the rate specified in the First Schedule to the Tariff Act or 10% of the goods' value, whichever is higher. Different rates and dates may apply to different goods. This regulatory duty is additional to other customs duties and is governed by the Customs Act, 1962. Notifications regarding these duties must be presented to Parliament and the provision ceases post-May 15, 1971, except for actions completed before this date.
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