Partial exemption from auxiliary duty in excess of 45% ad valorem on copper wire bars, copper cathodes, etc. - 111/88 - Customs -Tariff

Partial exemption from auxiliary duty in excess of 45% ad valorem on copper wire bars, copper cathodes, etc. Notification No. 111/88-Cus. Dated 25-3-1988 In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), read with sub-clause (4) of clause 77 of the Finance Bill, 1988, which clause has by virtue of the declaration made in the said Finance Bill under the Provisional Collection of Taxes Act, 1931 (16 of 1931), the force of law, the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts copper wire bars, copper cathodes and copper wire rods, produced out of copper reverts or copper spent anodes sent out of India for toll smelting or toll processing, falling within Chapter 74 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India, from so much of the auxiliary duty of customs leviable thereon under sub-clause (1) of clause 77 of the said Finance Bill, as is in excess of the amount calculated at the rate of forty-five per cent of the value representing only, - (i) the toll smelting or toll processing costs as the case may be, that is to say, - (a) labour charges, (b) cost of material (other than the cost of the goods exported) used in such toll smelting or toll processing, and (c) any other charges which are payable in connection with the toll smelting or toll processing abroad; and (ii) the insurance and freight charges both ways, subject to the following conditions, namely :- (a) the copper wire bars, copper cathodes or copper wire rods, as the case may be, are imported within three years of the date of export of copper reverts or copper spent anodes out of India; and (b) sufficient evidence exists to show that the copper wire bars, copper cathodes or copper wire rods, as the case may be, which are imported have in fact been obtained out of toll smelting or toll processing of the copper reverts or copper spent anodes exported from India.