Union Budget 2011-12
Indirect Tax Proposals
Preliminary Highlights
The basic customs duty rates of 2%, 2.5% and 3% unified at the rate of 2.5%.
Special additional duty on the clea rances from SEZ to DTA exempted provided they are not
exempt from the levy of VAT/sales tax.
The introduction of ‘self-assessment’ of duty on imported and export goods by the importer or
exporter is a welcome change. Customs officers would now be empowere d to verify the self
assessment and if required, reassess duty on the imported or export goods. Further, the
officers may conduct audit in certain situations. Consequential amendments are proposed in
the respective provisions.
CAclubindia
