ANNOUNCEMENT 01 Jul 2011In July 2011, the government of India announced a change to the import-specific domestic duties.
NUMBER OF INTERVENTIONS
Notification No.54 /2011-Customs
On 1 July 2011, vide Notification No. 54/2011, the Government of India has reduced the effective tax rate on aphtha for the manufacture of Polymers, imported by M/s Haldia Petrochemicals Limited (HPL) alone, to nil rate of duty, as opposed to the earlier 10%.
The effective tax rate is the duty payable after exemptions. Naptha imports have received exemption from duty liability vide amendment to the General Duty Exemptions (GDE) contained in Notification No. 21/2002 - Customs (notification dated 1 March 2002).