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of <h1>India Exempts Import Duty on Key Machinery Parts for Initial Setup and Assembly Under Customs Act, 1962</h1> The Central Government, under the Customs Act, 1962 and the Finance Bill, 1992, exempts certain parts from auxiliary customs duty when imported into India for initial setup, assembly, or manufacture of specified articles. These exemptions apply to parts listed under specific headings and sub-headings of the First Schedule to the Customs Tariff Act, 1975, provided they meet conditions outlined in a previous notification from 1986. The exempted items include various machinery and electrical apparatus, subject to conditions like voltage or power specifications. The exemption aims to support public interest by reducing import duties on essential components.
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