Major Customs Duty Cuts: Transport Vehicles 40% to 20%, Cars 125% to 70%, GST Pre-deposit Now 10%

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Full Text of the Document

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....The document outlines significant tariff and duty changes in customs and GST legislation effective from 2025. Key modifications include reduction in tariff rates for motor vehicles (from 40% to 20% for transport vehicles, 125% to 70% for passenger vehicles), motorcycles (100% to 70%), and bicycles (35% to 20%). The Customs Act introduces voluntary revision of entry post-clearance and establishes a two-year time limit for finalizing provisional assessments. Notable GST amendments include new Track and Trace mechanisms, mandatory 10% pre-deposit for penalty-only appeals, and clarification on input tax credit distribution. The Settlement Commission will be abolished from April 1, 2025, with pending cases transferred to Interim Boards. These changes aim to streamline tax administration and modify duty structures across various sectors.....