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of <h1>India Reduces Customs Duties on Petroleum Crude and LNG Imports Under Customs Act, 1962, Effective July 1, 2017.</h1> The Government of India, through the Ministry of Finance, issued Notification No. 52/2017-Customs, effective from July 1, 2017, prescribing reduced customs duties on specific goods under the Customs Act, 1962. The notification details exemptions for certain goods, including petroleum crude and liquefied natural gas (LNG), when imported under specified conditions. For instance, LNG imported for authorized operations in a Special Economic Zone (SEZ) or for generating electrical energy by a recognized company is exempt from customs duties. The notification outlines conditions for claiming exemptions, such as providing certificates or security guarantees, and specifies the applicable duty rates.
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