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INDIRECT TAXES Remarkable progress in GST GST revenues are buoyant despite the pandemic - Taxpayers deserve applause for this growth. Special Economic Zones Customs Administration of SEZs to be fully IT driven and function on theCustoms National Portal- shall be implemented by 30thSeptember 2022. Customs Reforms and duty rate changes Faceless Customs has been fully established. During Covid-19 pandemic, Customs formations have done exceptional frontline work agains
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FAQ :
The customs administration in Special Economic Zones (SEZs) will be fully IT-driven and function on the Customs National Portal by 30th September 2022.
There will be a gradual phasing out of concessional rates for capital goods and project imports, with a moderate tariff of 7.5 percent being applied to encourage the domestic sector and 'Make in India'.
More than 350 exemption entries are proposed to be gradually phased out, particularly for items like certain agricultural produce, chemicals, fabrics, medical devices, drugs, and medicines for which sufficient domestic manufacturing capacity exists.
The customs duty on cut and polished diamonds and gemstones is being reduced to 5 percent, and nil customs duty will apply to simply sawn diamonds to boost the Gems and Jewellery sector.
The customs duty on umbrellas is being raised to 20 percent, and the exemption on parts of umbrellas is being withdrawn.
Unblended fuel will attract an additional differential excise duty of Rs 2 per litre from 1st October 2022 to encourage fuel blending.
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