Customs exemption cap revised to limit ad valorem duty relief, narrowing tariff exemptions for imported pulses. Amendment to Notification No. 129/76-Customs substitutes the prior exemption from the whole of the Customs duty specified in the First Schedule with relief limited to 'payment of so much of that portion of the duty of Customs which is specified in the said First Schedule as is in excess of twenty five per cent ad valorem,' thereby capping exemption for pulses (shelled or unshelled) to the duty component above that ad valorem threshold.
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Customs exemption cap revised to limit ad valorem duty relief, narrowing tariff exemptions for imported pulses.
Amendment to Notification No. 129/76-Customs substitutes the prior exemption from the whole of the Customs duty specified in the First Schedule with relief limited to "payment of so much of that portion of the duty of Customs which is specified in the said First Schedule as is in excess of twenty five per cent ad valorem," thereby capping exemption for pulses (shelled or unshelled) to the duty component above that ad valorem threshold.
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