Customs duty exemption for magnetic tapes limits excess duty to an ad valorem cap subject to industrial use certification. Magnetic tapes other than for sound recording imported into India are exempted from customs duty in excess of the amount calculated at the rate of 60 per cent ad valorem, provided a specified senior officer certifies that the importer is an Actual User (Industrial). The certification requirement is waived for three named importers, so the exemption operates as a conditional ad valorem duty cap tied to industrial user certification except for those listed importers.
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 exemption for magnetic tapes limits excess duty to an ad valorem cap subject to industrial use certification.
Magnetic tapes other than for sound recording imported into India are exempted from customs duty in excess of the amount calculated at the rate of 60 per cent ad valorem, provided a specified senior officer certifies that the importer is an Actual User (Industrial). The certification requirement is waived for three named importers, so the exemption operates as a conditional ad valorem duty cap tied to industrial user certification except for those listed importers.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
