In the wake of the recent fall in the international prices of commodities and with a view to safeguard the interests of domestic producers, Government have carried out certain changes in the customs duty rates. The details of these changes are as under:

(i) Withdrawal of the full exemption from customs duty granted earlier on specified iron and steel items such as Pig iron, spiegeleisen, semi-finished products, flat products and long products. Consequently, they will be subject to a basic customs duty of 5% ad valorem.

(ii) Withdrawal of full exemption from customs duty granted earlier on crude soyabean. Consequently, crude soyabean oil will be subject to a basic customs duty of 20% ad valorem. There is no change in the import duty on refined soyabean oil.

These changes come into effect on the 18th of November, 2008. Notification No.122/2008-Customs dated 18.11.2008 has been issued in this regard.

Also see:

Customs - Notification No. 021/2002 Part-I-Cusdated -01-03-2002

Exemption and effective rate of basic and additional duty for specified goods of Chapter 1 to 99

Customs - Notification No. 021/2002 Part-II-Cusdated -01-03-2002

CONDITIONS and ANNEXURE - Exemption and effective rate of basic and additional duty for specified goods of Chapter 1 to 99

 

Customs duty revision: withdrawal of import exemptions leading to imposition of tariffs on iron, steel and crude soybean imports. Revision removes full exemptions and imposes basic customs duties: specified iron and steel items now attract a basic customs duty of 5% ad valorem, and crude soyabean oil now attracts a basic customs duty of 20% ad valorem; refined soyabean oil duty remains unchanged. The changes aim to protect domestic producers in light of falling international commodity prices and have been notified by the government with an effective date set in the notification.