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of <h1>Customs Act Amendments: Expanded Definition and Increased Value Limits for Consumable Goods and Spare Parts Effective March 1988.</h1> The Central Government has amended Notification Nos. 70/87 and 321/87 under the Customs Act, 1962, effective from March 1, 1988. For Notification No. 70/87, the term 'consumable goods' is now expanded to include 'spare parts,' and the financial threshold is increased from 'rupees five lakhs' to 'rupees ten lakhs.' Similarly, Notification No. 321/87 now includes 'spare parts' alongside 'consumable goods,' and the value limit is raised from 'two lakh rupees' to 'five lakh rupees.' These changes aim to align with public interest considerations.
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