Ntf No. 18/1998-Cus Dated 1-5-98
- Document type
- Notification
- Reference no.
- A
- Dated
- Category
- Tariff
Plain gold/studded gold jewellary
AND WHEREAS, during the said period the Export and Import Policy 1988-91 permitted loss of gold of two per cent for the plain gold jewellery and in the said policy, in case of studded gold jewellery, the wastage permitted was upto three per cent to ten per cent depending upon the value-addition achieved as specified therein.
AND WHEREAS, showcause notices for recovery of duty from the units who have availed of gold loss in excess of the permissible percentage under notification No. 196/87- Customs, dated the 5th May, 1987 had been issued.
AND WHEREAS, the Central Government is satisfied that according to a practice that was generally prevalent regarding levy of duty (including non-levy thereof), the Gem and Jewellery Units, in the Domestic to ten per cent in case of studded gold jewellery as per the Export and Import Policy 1988-91 during the said period.
Now, therefore, in exercise of the powers conferred by section 28 A of the Customs Act, 1962 (52 of 1962), the Central Government, hereby directs that whole of the duty of customs and additional duty of customs payable on the gold loss in excess of the percentage permitted under the notification No. 196/87 dated the 5th May, 1987 but not exceeding two per cent in case of plain gold jewellery and upto three per cent to ten per cent in case of studded gold jewellery depending upon the specified value-addition as per the Export and Import Policy 1988-91 but for the said practice shall not be required to be paid in respect of the above said gold loss in the said period.