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of <h1>India exempts machine tool parts from customs duties under Notification 87/92-Cus, with conditions and exclusions for CNC systems.</h1> The Central Government of India, under the Customs Act, 1962, has issued Notification No. 87/92-Cus, dated March 1, 1992, exempting certain machine tool parts from customs duties. This exemption applies to parts necessary for the initial setup, assembly, or manufacture of articles under specific headings of the Customs Tariff Act, 1975, subject to a 15% ad valorem duty and no additional duty. Conditions include certification by specified authorities and an undertaking by importers to use the parts as intended, maintain records, and produce certified accounts. The exemption does not apply to CNC systems and their components.
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