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of <h1>Finance Bill 2021 Introduces Agriculture Infrastructure and Development Cess on Imports Under Clause 115 for Infrastructure Funding</h1> Clause 115 of the Finance Bill, 2021, establishes the Agriculture Infrastructure and Development Cess on imported goods, as specified in the First Schedule to the Customs Tariff Act, 1975. This cess is a customs duty levied at a rate not exceeding the specified customs duty rate, aimed at financing agricultural infrastructure and development expenditures. The Central Government is authorized to use these funds for the specified purposes after parliamentary appropriation. The cess is additional to existing customs duties, and the Customs Act, 1962 provisions apply to its assessment, collection, and related procedures.
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