Exemption scope expanded: spares and consumables may qualify for export exemption subject to contract and customs verification. The amendment extends the customs exemption to spares and consumables (other than those in the Table) up to 1.5% of the ex factory value of manufacture of export articles for the preceding year, or a higher percentage as the Central Government may allow on the Board of Approvals' recommendation, provided such supply is specified in the export contract and the Assistant Collector of Customs is satisfied that their values are included for arriving at value addition under the Import and Export Policy.
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Provisions expressly mentioned in the judgment/order text.
Exemption scope expanded: spares and consumables may qualify for export exemption subject to contract and customs verification.
The amendment extends the customs exemption to spares and consumables (other than those in the Table) up to 1.5% of the ex factory value of manufacture of export articles for the preceding year, or a higher percentage as the Central Government may allow on the Board of Approvals' recommendation, provided such supply is specified in the export contract and the Assistant Collector of Customs is satisfied that their values are included for arriving at value addition under the Import and Export Policy.
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