Notification on budgeted speech 2010

[Venkateswararao Sunkara]

with repect to above, Speach of the Hon'ble Fin.Minister produced hereunder ' Full exemption from import duty is available to specified machinery for road construction projects on the condition that the machinery shall not be sold or disposed of for a minimum period of five years. In view of representations that this leads to idling of machinery, I propose to allow resale of such machinery on payment of import duty at depreciated value. It is also being clarified that the importer is free to relocate such machinery to other eligible road construction projects'. With repect to above, is there any notification or amendment issued by the Govt

[Rama Krishana]

You may see the amended notification no. 21/2002 Customs for conditions (sr. no. 40) on this site to meed your requirements.

AI Summary

Import duty exemption conditions permit resale on payment of depreciated duty and relocation across eligible projects. Full exemption from import duty for specified road construction machinery is conditional on a non disposal period; resale is permitted on payment of import duty at a depreciated value, and importers are allowed to relocate machinery to other eligible road construction projects, with the operative compliance standard set out in the amended Customs notification addressing the concession conditions.