Customs duty exemption on certain lubricating preparations reduces import duty to a prescribed ad valorem rate. The Central Government exempts specified lubricating preparations classified under certain Customs Tariff subheadings from customs duty to the extent that duty exceeds the amount calculated at the rate of 60% ad valorem, thereby limiting the levy on importation to the stated ad valorem amount for those tariff classifications under the miscellaneous exemption notification framework.
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Provisions expressly mentioned in the judgment/order text.
Customs duty exemption on certain lubricating preparations reduces import duty to a prescribed ad valorem rate.
The Central Government exempts specified lubricating preparations classified under certain Customs Tariff subheadings from customs duty to the extent that duty exceeds the amount calculated at the rate of 60% ad valorem, thereby limiting the levy on importation to the stated ad valorem amount for those tariff classifications under the miscellaneous exemption notification framework.
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