2022 (12) TMI 520 - SCH - GST

Principle of zeroing - increase in customs duty to the extent of Rs. 16.26 crores and an increase in additional grammage to the extent of Rs. 22.85 crores - last sale price - HELD THAT - We are inclined to issue notice to the respondents on the steps being taken within a period of ten days from today. List in the month of March 2023.

Summary

The Supreme Court of India issued notice to respondents regarding customs duty increase and zeroing principle application. Stay of impugned order subject to petitioner depositing Rs. 80 crores within sixty days, to be converted into an interest-bearing Fixed Deposit Receipt for 12 months. Next hearing scheduled for March 2023.