Notification No. 126/2011-Customs- Amends notification no. 116/2010-Cus dated 1-11-2010 (Special dispensation for Brunei Darussalam under ASEAN-India FTA). Government has reduced the effective rate of duty for import of Crude Petroleum oils and oils obtained from bituminous minerals. It is now 1 percent, which was earlier 2 percent. Notification No. 116/2010-Cus dated 1 st November 2010, is amended.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification No. 126/2011-CustomsOnline GST Certification Course by TaxGuru & MSME- Click here to Join
New Delhi dated the 30th December, 2011
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.116/2010-Customs, dated the 1st November, 2010, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 875 (E), dated the 1st November, 2010, namely:-
In the said notification, in the preamble, for the figure, signs and words “2% ad valorem”, the figure, signs and words “1% ad valorem” shall be substituted.
2. This notification shall come into force with effect from 1st day of January, 2012.
(Sanjeev Kumar Singh)
Under Secretary to the Government of India
F. No. 354/64/2003-TRU (Pt.I)]
Note.- The principal notification No. 116/2010-Customs, dated the 1st November, 2010 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 875 (E), dated the 1st November, 2010 and was last amended by notification No. 136/2010-Customs dated 31st December, 2010, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 1038 (E), dated the 31st December, 2010.