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of <h1>New Customs Notification Cuts Duty to 5% on Imported Vessels for Breaking Up Under Heading No. 89.08</h1> The Central Government has issued Notification No. 74/93-Cus dated February 28, 1993, under the Customs Act, 1962, to exempt goods classified under heading No. 89.08 of the Customs Tariff Act, 1975, from a portion of the customs duty. This exemption applies to vessels and other floating structures imported into India for breaking up, reducing the duty to 5% ad valorem. This notification supersedes the previous Notification No. 142/87-Customs dated March 27, 1987, and is enacted in the public interest.
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