India Exempts Specified Goods from Customs Surcharge under Section 118 of Finance Act, 1999; Includes Gold and Machinery
The Central Government of India has issued Notification No. 58/99-Cus, dated May 11, 1999, under the Customs Act, 1962, and the Finance Act, 1999, exempting certain specified goods from the surcharge of customs. The exemption applies to goods described in the notification, including gold and silver (excluding certain ornaments), various machinery and equipment, and specific electronic components. These goods, when imported into India, are exempt from the surcharge levied under section 118 of the Finance Act, provided they meet the conditions specified in the First Schedule to the Customs Tariff Act, 1975.
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