AMENDMENT IN THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975

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Question - What are the amendments proposed in the First schedule to the Customs Tariff Act ,1975 ?

AI Summary

Amendments to Customs Tariff Act: Reduced Duty on Coal, Increased Rates on Iron, Steel, and Motor Vehicles The discussion outlines amendments to the First Schedule of the Customs Tariff Act, 1975, focusing on changes in customs duties across various sectors. Key amendments include reducing the tariff rate on bituminous coal from 55% to 10%, increasing the rate on iron and steel from 10% to 15%, and raising duty on certain motor vehicles from 10% to 40%. Reductions are noted for chemicals and petrochemicals, fertilizers, electronics, renewable energy components, and health-related imports. Additionally, exemptions and duty adjustments are detailed for specific goods, including those for manufacturing and infrastructure development. These changes are effective immediately under the Provisional Collection of Taxes Act, 1931.