Quick Summary
CUSTOMS Note: Basic Customs Duty (BCD) means the customs duty levied under the Customs Act, 1962. Agriculture Infrastructure and Development Cess (AIDC) means a duty of customs that is levied under Section 124 of the Finance Act, 2021. Social Welfare Surcharge (SWS) means a duty of customs that is levied under Section 110 of the Finance Act, 2018. Clause Nos. in square brackets [ ] indicate the relevant clause of the Finance Bill, 2023. Amendments carried out through the Finance
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FAQ :
The primary changes in indirect taxes focus on customs duties, with amendments to the Customs Act, 1962, and the Customs Tariff Act, 1975. This includes adjustments to tariff rates and changes to exemptions.
Yes, the budget proposes an increase in tariff rates for certain items, including Styrene, Vinyl Chloride Monomer, Compounded Rubber, articles of precious metals, imitation jewellery, electric kitchen chimneys, bicycles, and toys.
Yes, the budget includes changes to customs duties on certain agricultural products. For instance, the duty on Pecan nuts has been reduced, and duties on fish lipid oil and algal prime for aquatic feed manufacturing have also been lowered.
Amendments to the Customs Act, 1962, include changes to Section 25(4A) regarding the validity period of exemption notifications and the insertion of a new sub-section (8A) to Section 127C to specify a time limit for the disposal of applications before the Settlement Commission.
Yes, several conditional customs duty exemptions have been extended for a period of one year, typically until March 31, 2024, or March 31, 2025, covering a wide range of goods including raw materials for various industries, specific drugs, and components for renewable energy.
Retrospective amendments to the Customs Tariff Act, 1975, are being made to remove ambiguity and clarify the determination and review processes for countervailing duty and anti-dumping duty.
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