Agriculture Infrastructure and Development Cess introduced on specified imports, with simultaneous recalibration of customs and excise duties. The Finance Bill, 2021 effects wide ranging changes: numerous Basic Customs Duty adjustments, introduction of an Agriculture Infrastructure and Development Cess on specified imports with simultaneous BCD recalibration and SWS treatment, recalibration of excise duties including AIDC on petrol/diesel with compensatory adjustments to other excise components, consolidation and amendment of concessional entries (notably for mobile/ battery/solar and project imports), procedural and time limit reforms in Customs investigations and trade remedial measures (ADD/CVD/safeguards), and amendments to CGST/IGST linking input tax credit to supplier reporting and streamlining annual return and seizure/confiscation procedures.
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Agriculture Infrastructure and Development Cess introduced on specified imports, with simultaneous recalibration of customs and excise duties.
The Finance Bill, 2021 effects wide ranging changes: numerous Basic Customs Duty adjustments, introduction of an Agriculture Infrastructure and Development Cess on specified imports with simultaneous BCD recalibration and SWS treatment, recalibration of excise duties including AIDC on petrol/diesel with compensatory adjustments to other excise components, consolidation and amendment of concessional entries (notably for mobile/ battery/solar and project imports), procedural and time limit reforms in Customs investigations and trade remedial measures (ADD/CVD/safeguards), and amendments to CGST/IGST linking input tax credit to supplier reporting and streamlining annual return and seizure/confiscation procedures.
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