Customs duty effective rate prescribed for specified iron and steel imports, limiting liability to a reduced ad valorem rate. The Central Government, invoking sub-section (1) of section 25 of the Customs Act, 1962, exempts specified iron and steel goods from that portion of customs duty in the First Schedule which exceeds the amount calculated at the prescribed rate, thereby prescribing an effective 75% ad valorem duty on listed imports (railway track materials; structures and structural parts and prepared plates/sections; mooring chains; anchors and grapnels), while preserving any other existing notification-based exemptions.
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Provisions expressly mentioned in the judgment/order text.
Customs duty effective rate prescribed for specified iron and steel imports, limiting liability to a reduced ad valorem rate.
The Central Government, invoking sub-section (1) of section 25 of the Customs Act, 1962, exempts specified iron and steel goods from that portion of customs duty in the First Schedule which exceeds the amount calculated at the prescribed rate, thereby prescribing an effective 75% ad valorem duty on listed imports (railway track materials; structures and structural parts and prepared plates/sections; mooring chains; anchors and grapnels), while preserving any other existing notification-based exemptions.
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