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of <h1>India Updates Customs Duties: Key Changes in Notification No. 12/2016-Customs Affect Petroleum, Textile, and Aircraft Sectors.</h1> The Government of India, through the Ministry of Finance, has issued Notification No. 12/2016-Customs to amend the existing Notification No. 12/2012-Customs, dated March 17, 2012. This amendment introduces various budgetary changes to customs duties on a wide range of goods. Key modifications include adjustments to duty rates for specific goods, insertion of new serial numbers with corresponding entries, and the omission of certain serial numbers. The amendments also introduce new conditions for importing goods related to petroleum operations, textile manufacturing, and aircraft maintenance. These changes are aimed at aligning customs duties with current economic policies and industry needs.
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