Export duty exemption for iron ore fines caps customs levy on exports by reference to an ad valorem ceiling. Exemption from customs duty for exported iron ore fines is provided under powers of the Customs Act, 1962, by limiting the duty leviable on iron ore fines in the Second Schedule to the Customs Tariff Act, 1975, so that duty in excess of an amount calculated at the rate of 5% ad valorem is exempted, thereby capping the effective export duty on the specified commodity.
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Provisions expressly mentioned in the judgment/order text.
Export duty exemption for iron ore fines caps customs levy on exports by reference to an ad valorem ceiling.
Exemption from customs duty for exported iron ore fines is provided under powers of the Customs Act, 1962, by limiting the duty leviable on iron ore fines in the Second Schedule to the Customs Tariff Act, 1975, so that duty in excess of an amount calculated at the rate of 5% ad valorem is exempted, thereby capping the effective export duty on the specified commodity.
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