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of <h1>New Customs Exemption: Lower Duty Rates on Listed Goods; Crude Petroleum at Rs. 300/Tonne, Others at 40% Value</h1> The Central Government, under the Customs Act, 1962 and the Finance Act, 1986, has issued Notification No. 310/86-Cus. dated May 13, 1986, to exempt certain goods from auxiliary customs duty exceeding specified rates. This notification supersedes a previous notification dated March 1, 1986. The exemption applies to goods listed in the First Schedule to the Customs Tariff Act, 1975. Crude petroleum is subject to a duty of Rs. 300 per tonne, while all other goods are subject to a duty of 40% of their value. Existing exemptions under other notifications remain unaffected.
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