Quick Summary
Budget 2024 proposes comprehensive rationalization of GST tax structure along with review of the Custom Duty rate structure to improve the tax base and support domestic manufacturing. CUSTOMS Note: (a) "Basic Customs Duty (BCD)" means the customs duty levied under the Customs Act, 1962. (b) "A
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FAQ :
The Budget 2024-25 proposes a comprehensive rationalisation of the GST tax structure and a review of the Custom Duty rate structure.
The review of the Custom Duty rate structure aims to improve the tax base and support domestic manufacturing.
The amendments will come into effect on the date of the enactment of the Finance (No. 2) Bill, 2024, unless specified otherwise.
Basic Customs Duty (BCD) is the customs duty levied under the Customs Act, 1962.
Agriculture Infrastructure and Development Cess (AIDC) is a duty of customs levied under Section 124 of the Finance Act, 2021.
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