Customs tariff changes and Social Welfare Surcharge implemented, with duty restructurings and procedural modernisation for trade facilitation. Tariff amendments revise Basic Customs Duty across many headings-raising duties on selected consumer goods, electronics, vehicle engines and parts, and certain textiles and footwear, while reducing or exempting duty on particular industrial inputs and solar components; the Finance Bill also imposes a Social Welfare Surcharge, abolishes the Education and SHE cesses, and creates specified exemptions from the new surcharge for certain precious metals and fuels. Concurrently, the Customs Act is amended to modernise procedures: expanded extraterritorial reach, enhanced verification and provisional assessment rules, risk-based selection and audit provisions, creation of Customs Authority for Advance Rulings and appeal routes, provision for Customs Automated System clearance, electronic cash ledger payments, controlled delivery authority, and reciprocal information-exchange arrangements.
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Customs tariff changes and Social Welfare Surcharge implemented, with duty restructurings and procedural modernisation for trade facilitation.
Tariff amendments revise Basic Customs Duty across many headings-raising duties on selected consumer goods, electronics, vehicle engines and parts, and certain textiles and footwear, while reducing or exempting duty on particular industrial inputs and solar components; the Finance Bill also imposes a Social Welfare Surcharge, abolishes the Education and SHE cesses, and creates specified exemptions from the new surcharge for certain precious metals and fuels. Concurrently, the Customs Act is amended to modernise procedures: expanded extraterritorial reach, enhanced verification and provisional assessment rules, risk-based selection and audit provisions, creation of Customs Authority for Advance Rulings and appeal routes, provision for Customs Automated System clearance, electronic cash ledger payments, controlled delivery authority, and reciprocal information-exchange arrangements.
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