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of <h1>India Sets New Customs Duty Rates in 2007; Supersedes 2005 Notification, Later Rescinded in 2020.</h1> The Government of India issued Notification No. 22/2007-Customs on March 1, 2007, under the Customs Act, 1962, to establish preferential and standard customs duty rates for specific goods imported into India. This notification supersedes the previous Notification No. 15/2005-Customs. The notification provides a table listing various goods by their chapter or tariff item, alongside their corresponding standard and preferential duty rates. The preferential rates are typically lower than the standard rates, aiming to promote imports under specific conditions. This notification was later rescinded by Notification No. 12/2020-Customs on February 2, 2020.
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