LNG & Natural gas imports allowed at Nil rate of duty
LIQUEFIED natural gas (LNG) and natural gas when imported by Gail NTPC JV or Petronet LNG Ltd. for supply to a generating company as defined in section 2(28) of the Electricity Act, 2003 to supply electrical energy or to engage in the business of supplying electrical energy, for generation of electrical energy was subject to Nil rate of Basic customs duty subject to the content of the proviso and the satisfaction of condition no.100 of the longest customs notification 12/2012-Customs, dated 17/03/2012. [See Sr. no. 139A]
Now, the Central government has extended this largesse to "importers" who satisfy the twin criteria mentioned above. This has been done by substituting the words and letters “Gail NTPC JV or Petronet LNG Ltd.” with the words “an importer”.
Level playing field?
Notification No. , dated July 22, 2013