Quick Summary
The Union Budget 2026-27 introduces wide-ranging Customs and Central Excise reforms aimed at simplifying tariff structures, boosting domestic manufacturing, enhancing export competitiveness and improving ease of living. Key measures include duty exemptions for energy, aviation and healthcare sectors, faster customs clearance through digitisation, SEZ relief, and incentives for exporters, small businesses and honest taxpayers. The Finance Minister stated that the proposals for Customs and Centra
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FAQ :
The reforms aim to simplify tariff structures, boost domestic manufacturing, enhance export competitiveness, and improve the ease of living.
The energy, aviation, and healthcare sectors will see duty exemptions on specific goods and capital goods.
Customs processes will be digitised for faster clearance, with enhanced duty deferral periods for Authorised Economic Operators and a transformation towards a warehouse operator-centric system.
There are incentives for exporters, including increased duty-free import limits for seafood processing inputs, and the removal of value caps on courier exports to support small businesses and start-ups.
Yes, the tariff rate on dutiable goods imported for personal use will be reduced from 20% to 10%, and duty exemptions will be extended for certain drugs and medicines for rare diseases.
Honest taxpayers willing to settle disputes will have an option to close cases by paying an additional amount in lieu of penalty.
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