Seeks to rescind notification Nos. 190/1978-Customs and 191/1978-Customs both dated 22th September, 1978 prescribing additional duty of customs on imports of transformer oil equivalent to such portion of the excise duty leviable on the raw material commonly known as transformer oil base stock or transformer oil feedstock. - 04/2022 - Customs -Tariff

India Rescinds 1978 Customs Duties on Transformer Oil Imports Effective February 2, 2022, Under Customs Tariff Act.

The Government of India, through the Ministry of Finance, has issued Notification No. 04/2022-Customs, dated February 1, 2022, to rescind two earlier notifications from 1978 that imposed additional customs duty on imports of transformer oil. These notifications, numbered 190/1978-Customs and 191/1978-Customs, prescribed duties equivalent to the excise duty on the raw material known as transformer oil base stock or feedstock. The rescission is enacted under the authority of the Customs Tariff Act, 1975, and is deemed necessary in the public interest. The change takes effect on February 2, 2022.