Explain the rate of duty applicable for clearance for home consumption.

(i) Section 15 (1) (b) of the Customs Act, 1962 provides that in the case of goods cleared from a warehouse, rate of duty applicable is the rate of duty in force on the date on which a bill of entry for home consumption in respect of such goods is presented. In the given case, since, MTL has filed the bill of entry for home consumption on 1st September, rate of duty is the rate prevalent on the said date viz. 30%.