Quick Summary
The Budget proposals for Customs and Central Excise aim to further simplify the tariff structure, support domestic manufacturing, promote export competitiveness, and correct inversion in duty, said Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman while presenting the Union Bu
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FAQ :
The reforms aim to simplify the tariff structure, support domestic manufacturing, promote export competitiveness, and correct duty inversions.
It proposes removing customs duty exemptions on items already manufactured in India or with negligible imports, and exempts basic customs duty on capital goods for processing critical minerals.
The limit for duty-free imports of specified inputs for seafood exports will increase, and duty-free imports will be allowed for shoe uppers. The export time period for leather and textile products is also extended.
Yes, the Budget extends duty exemptions for manufacturing lithium-ion cells for batteries and battery energy storage systems, exempts duty on sodium antimonate for solar glass, and extends exemptions for nuclear power projects.
Eligible manufacturing units in SEZs will be facilitated to sell to the Domestic Tariff Area (DTA) at concessional duty rates as a one-time measure, limited to a prescribed proportion of their exports.
The Budget proposes to exclude the entire value of biogas when calculating the Central Excise duty payable on biogas blended CNG.
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