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of <h1>Finance Bill 2022 Overhauls Customs and GST Laws: Duty Adjustments, Exemption Withdrawals, and Compliance Simplification.</h1> The Finance Bill, 2022 introduces significant changes to Customs, Central Excise, and GST laws, including proposed duty rate adjustments effective from February 2022. Key highlights include the withdrawal of around 350 Customs duty exemptions and the phasing out of over 40 exemptions on capital goods and project imports. New exemptions are introduced for duty-free imports by exporters of specified goods. The Customs tariff structure is being simplified, and legislative changes are made to the Customs Act to specify officer functions and jurisdictions. The GST Act amendments aim to simplify compliance, including changes to return filing and input tax credit utilization. These changes are detailed in various annexures accompanying the circular.
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