Iron and steel products peak rates reduced :- (customs)
By Notification No. 5/2004, dated 8-1-2004, the peak rate of customs duty for most of the articles was fixed at 20%. Serial no. 343 of this notification is for 7201 and 7202. Now this notification is amended by Notification No. 118/2004-Cus., dated 31-12-2004 to substitute "72" for 7201 and 7202 which means that 20% peak rate would now be applicable to the entire chapter 72. It seems the intention of the Board was to reduce the Customs Duty on seconds and defectives, of goods falling under chapter 72. See Notification No. 118/2004-Cus., 31-12-2004