<h1>Finance Minister Overhauls Customs: IT-Driven SEZs, New Tariffs, Duty Cuts to Boost Make in India Initiatives.</h1> The Union Finance Minister announced that customs administration in Special Economic Zones (SEZs) will become fully IT-driven, with a focus on risk-based checks. Concessional rates on capital goods and project imports will be phased out, introducing a 7.5% tariff. Over 350 customs duty exemptions will be removed to promote domestic manufacturing under the Make in India and Atmanirbhar Bharat initiatives. Tariff simplification will target sectors like chemicals, textiles, and metals. Duty reductions will support electronics, gems, jewellery, and shrimp aquaculture. An additional excise duty on unblended fuel will be introduced. The Goods and Services Tax (GST) system is praised for its compliance and revenue generation.