Customs duty on capital goods now charged on depreciated value; exemptions for captive power plants permitted per approval recommendations. The amendment directs that customs duty on capital goods, material handling equipment, office equipment and captive power plants or generating sets be charged on depreciated value at rates prevailing at import; it authorises the Central Government, per recommendations of the Board of Approvals for Export Oriented Undertakings, to allow exemptions for items at the new Serial No. 11 and adds Serial No. 11 to exempt captive power plants, including generating sets, spares, fuel, lubricants and other consumables as recommended by the Board.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Customs duty on capital goods now charged on depreciated value; exemptions for captive power plants permitted per approval recommendations.
The amendment directs that customs duty on capital goods, material handling equipment, office equipment and captive power plants or generating sets be charged on depreciated value at rates prevailing at import; it authorises the Central Government, per recommendations of the Board of Approvals for Export Oriented Undertakings, to allow exemptions for items at the new Serial No. 11 and adds Serial No. 11 to exempt captive power plants, including generating sets, spares, fuel, lubricants and other consumables as recommended by the Board.
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