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of <h1>Finance Bill 2020: Customs Duties Adjusted, Health Cess on Medical Devices, GST Compliance Enhanced, Import Safeguards Expanded.</h1> The Finance Bill, 2020 introduced changes in Customs, Central Excise, and GST laws and rates, effective from February 1-2, 2020. Key amendments include adjustments in Customs duties and the introduction of a Health Cess on medical devices. The Customs Act was amended to enhance tariff treatment under Trade Agreements and to prevent economic injury from imports. The Customs Tariff Act now allows safeguard measures against import surges. Amendments were made to GST laws to improve trade compliance. Various exemptions were reviewed, with some being rescinded. The document emphasizes careful study of these changes and encourages feedback for clarification.
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