Quick Summary
The Finance Bill, 2026 proposes a wide-ranging overhaul of customs law and tariff structures, signalling a decisive move towards simplification, trade facilitation, and alignment of customs policy with Indias manufacturing and export priorities. Rather than headline-grabbing rate changes, the customs proposals focus on rationalising duty exemptions, restructuring tariff lines, easing compliance, and removing legacy distortions in the Customs Act, 1962 and the Customs Tariff Act, 1975. Custo
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FAQ :
The main goal is to simplify customs law, facilitate trade, and align customs policy with India's manufacturing and export priorities.
The Customs Act, 1962 has been amended to extend its jurisdiction beyond India's territorial waters for fishing and fishing-related activities.
The validity of customs advance rulings has been extended to five years, or until a change in law or facts.
Yes, the requirement for prior permission from customs authorities for transferring warehoused goods between bonded warehouses has been removed.
The new Baggage Rules, 2026 will replace the existing Baggage Rules, 2016 effective from midnight of 2 February 2026.
Sectors such as EVs, renewables, defence, semiconductors, lithium-ion batteries, aircraft manufacturing, and solar, wind, and nuclear energy projects will benefit.
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