Hi there!!
I am looking for a notification that made the custom duty on crude oil nil. I checked the customs tariff book by RK Jain. However, perhaps I am checking the rates incorrectly because the edition of 2012-13 (last updated 17.03.2012) lists crude under chapter 27 - heading 2712 10 10 - and gives the rate as 10%. However, I am sure that the rate in Nil.
Now, the notification 52/2011 (https://www.cbec.gov.in/customs/cs-act/notifications/notfns-2k11/cs-tarr2k11/cs52-2k11.htm) is on the exemption on crude oil. It makes a strong reference to the notification on 2002 (https://www.cbec.gov.in/customs/cs-act/notifications/notfns-2k2/cs21-2k2.htm) - pointing out S. Nos 72A, 487, 488A, etc.
Where are such numbers in the old notification? How can verify the rate of custom duty on crude oil?
Similarly, according to the Tariff, import of LNG is to be charged @ 10%. However, it was made 5% on 17.03.2011. (So, even when the book is latest, am I looking wrongly?)
Does anyone know the custom duty rate on crude oil? Help me verify.
CAclubindia
