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Act Rules Bills
Rate of income-tax in case of companies - Budget 2017-18 - Income Tax Rates - For the Assessment Yea...
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Corporate tax rate differential for domestic companies introduced, with tiered surcharge rules and specified cess treatment applied.
The Finance Bill revises company tax by setting a lower rate for domestic companies meeting a specified turnover threshold and a higher standard rate otherwise, while maintaining the existing rate for non-domestic companies. Tiered surcharge rates apply differently to domestic companies and to companies other than domestic companies, with marginal relief available. Education Cess and Secondary and Higher Education Cess remain generally applicable, but are not levied on tax deducted or collected at source for domestic companies and other residents under specified entries; both cesses still apply to salary TDS and to non-residents and non-domestic companies.
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Rate of income-tax in case of every local authority - Budget 2017-18 - Income Tax Rates - For the As...
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Rate of income-tax for local authorities remains unchanged; surcharge applies and marginal relief available for high-income local authorities.
Rate of income-tax for every local authority is preserved at the level specified for the prior assessment year. Surcharge is imposed on local authorities whose income exceeds the high-income threshold, levied at a specified percentage, and marginal relief is provided to mitigate abrupt liability increases near that threshold.
Act Rules Bills
Rate of income-tax in the case of ever firm (partnership firm) - Budget 2017-18 - Income Tax Rates -...
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Firm income-tax rate continues unchanged, with surcharge for higher-income firms and marginal relief available.
The rate of income-tax applicable to every firm continues at the same level as for the preceding assessment year for assessment year 2018-19. For firms with total income exceeding one crore rupees, a surcharge is levied at twelve per cent, and marginal relief is available where applicable.
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Rate of Tax in case of co-operative society - Budget 2017-18 - Income Tax Rates - For the Assessment...
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Co-operative society tax rates remain unchanged for the assessment year; surcharge applies to higher incomes and marginal relief provided.
Rates of income-tax for co-operative society taxpayers remain the same as in the prior assessment year under the First Schedule of the Finance Bill, 2017. A surcharge applies to societies with higher income and marginal relief is provided to mitigate surcharge impact at threshold points.
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Income-tax rate structure revised for salaries, advance tax and special cases with senior citizen slabs and surcharge.
Part III of the First Schedule to the Finance Bill, 2017 prescribes the income-tax rates for deduction at source from salaries, advance tax computation and charging of income-tax in special cases for financial year 2017-2018. Tiered progressive rates apply to individuals, HUFs, AOPs, BOIs and specified artificial juridical persons. Distinct nil-tax thresholds and slab treatment are provided for resident individuals aged sixty to less than eighty and for those aged eighty or more. A surcharge of ten per cent applies within a defined high-income range and fifteen per cent above the higher threshold, with marginal relief available.
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Punctuation in statutory entries must be given effect; a colon and conjunctions in the schedule create a break separating "leather cloth and inferior or imitation leather cloth ordinarily used in book binding" from other goods, so the condition imposing additional excise duty in lieu of sales tax applies only to the latter group. Historical layout of the entry corroborates this limited reading, and absence of argument before the Tribunal does not estop application of the statutory construction.
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Withdrawal of anti dumping duty: Designated Authority lacks power to grant retrospective relief; rescission is prospective.
Designated Authority lacks power to recommend retrospective withdrawal of an anti dumping duty following a mid term review; where domestic producers ceased production and the authority recommended rescission, the government's rescission preserved prior acts, and the tribunal held no rule permits retrospective relief in review proceedings, so withdrawal operates prospectively.
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Meaning and scope of supply under GST (Part 2) - Import of services will be treated as supply and wi...
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Importation of services: subject to GST under reverse charge; potential double levy with customs needs exemption.
Importation of services falls within the definition of Supply and is subject to GST under the reverse charge mechanism, creating potential overlap with Customs duty where transactions importing goods are contractually treated as services. Administrative or legislative clarification is needed to prevent concurrent levies, either by Customs exemptions for imports characterised as services or reciprocal GST relief where Customs duties apply. The draft also raises uncertainty about personal use exemptions limited to taxable persons and suggests extension or harmonisation of exemptions for non taxable persons.
Act Rules GST
Meaning and scope of supply under GST (Part 1) - Since CGST, SGST or IGST will be levied on supply o...
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Scope of supply under GST includes consideration-based transactions, importation of services, and specified free supplies.
The statutory definition of supply under the Model GST Law comprises three categories: supplies for consideration in the course or furtherance of business (sale, transfer, barter, exchange, licence, rental, lease or disposal); importation of services regardless of consideration or business purpose; and specified supplies made without consideration as listed in Schedule I. Clause (a) targets domestic, consideration-based transactions; clause (b) treats importation of services as separately taxable; and clause (c) assimilates certain gratuitous transactions into the tax net via Schedule I.
Case Laws Service Tax
Whether the vessels or ships that are afloat are not goods and immovable property? - CESTAT says Yes...
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Classification of floating vessels as immovable property may exclude their sale from GST law taxation.
The tribunal held that ships and vessels afloat are not 'goods' but are akin to immovable property because they cannot be severed from the waters; ships are goods only before launch, during breaking up, or when specifically the subject of a sale. As immovable property lies outside the GST domain under the constitutional allocation, this classification raises the question whether GST would apply to sale or supply of floating vessels-a point pending higher judicial scrutiny.
Case Laws Service Tax
Adjustment of excess paid service tax – rule 6(3) of STR, 1994
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Adjustment of excess service tax permitted as alternative to refund under liberal interpretation of procedural rules.
A liberal reading of Rule 6(3) of the Service Tax Rules, 1994 permits adjustment of excess service tax paid against future liabilities when facts show an excess payment, rather than restricting the assessee solely to a refund claim, consistent with constitutional limits on taxation and the Revenue's concession of excess payment.
Act Rules Income Tax
Foreign Tax Credit (‘FTC’) - Currency conversion using telegraphic transfer buying rate (‘TTBR...
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Foreign tax credit conversion uses telegraphic transfer buying rate on the last day of preceding month.
Foreign tax credit is determined by converting the currency of the foreign-tax payment at the telegraphic transfer buying rate applicable on the last day of the month immediately preceding the month in which that tax is paid or deducted.
Act Rules Income Tax
Foreign Tax Credit (‘FTC’) - Documents to be furnished for availing FTC
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Foreign Tax Credit documentation: verified income statement plus certificate and payment or deduction proof to claim credit.
Foreign Tax Credit eligibility requires a verified statement of foreign income and foreign tax paid in the prescribed form, plus a certificate or statement specifying the nature of the income and tax deducted or paid issued by the foreign tax authority, the person who deducted the tax, or signed by the taxpayer, accompanied by a tax challan or online payment acknowledgement for payments and proof of deduction where tax was withheld.
Act Rules Income Tax
Foreign Tax Credit (‘FTC’) in case of MAT/ AMT
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Foreign tax credit allowed against MAT/AMT like normal tax, but any excess over normal provisions is ignored.
Foreign tax credit under Rule 128 of the Income tax Rules, 1962, is allowable against tax payable under MAT or AMT in the same manner as under the normal provisions; any foreign tax credit available against MAT/AMT that exceeds the credit allowable under normal provisions is ignored when computing MAT/AMT credit.
Act Rules Income Tax
Foreign Tax Credit (‘FTC’) - Lower of the tax payable under the Act and DTAA
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Foreign tax credit: credit limited to lower of domestic tax and foreign tax; treaty excess is disregarded.
Rule 128 of the Income tax Rules, 1962 limits Foreign Tax Credit to the lesser of domestic tax chargeable on the doubly taxed income and the foreign tax actually paid, and directs that any foreign tax paid in excess of the tax payable under the applicable DTAA be ignored for credit computation.
Act Rules Income Tax
Foreign Tax Credit (‘FTC’) - Cases in which no FTC benefit would be available
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Foreign Tax Credit denial: no credit for domestic interest, fees or penalties and for disputed foreign taxes.
Rule 128 restricts Foreign Tax Credit by disallowing FTC against interest, fees or penalties payable under the Income-tax Act, and by excluding any foreign tax (or part thereof) that is disputed by the assessee.
Act Rules Income Tax
Foreign Tax Credit (‘FTC’) shall be allowed if evidence & undertaking furnished within 6 months ...
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Foreign Tax Credit requires evidence of settlement, proof of payment and an undertaking within six months of dispute resolution.
Foreign Tax Credit (FTC) is allowed for disputed foreign tax only if, within six months from the end of the month in which the dispute is finally settled, the assessee furnishes evidence of settlement, evidence that the tax liability has been discharged by the assessee, and an undertaking that no refund in respect of that amount has been or will be claimed.
Act Rules Income Tax
Foreign Tax Credit (‘FTC’) - Meaning of foreign tax
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Foreign tax definition determines FTC scope: DTAA-covered taxes apply, otherwise income-tax-type foreign levies qualify for credit.
Definition of foreign tax for Foreign Tax Credit under Rule 128: where a DTAA exists, foreign tax is the tax covered by that DTAA; where no DTAA exists, foreign tax is the tax payable under the foreign country's law in the nature of income-tax as defined in the statutory explanation, including excess profits tax or business profits tax charged on profits by central or local authorities.
Act Rules Income Tax
Foreign Tax Credit (‘FTC’) - Benefit on proportionate basis
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Foreign tax credit proportionate allocation ensures foreign tax relief is apportioned when income is taxed across multiple years.
Foreign tax credit under the Income tax Rules operates on a proportionate allocation principle when the same income is taxable in more than one year; the credit entitlement must be apportioned across the years in which the income is offered to tax so that relief for foreign taxes corresponds to the portion of income taxed in each year.
Act Rules Income Tax
Foreign Tax Credit (‘FTC’) - FTC benefit in the year in which income offered to tax
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Foreign tax credit allowed when foreign tax corresponds to income offered or assessed to tax in India in the same year.
Foreign tax credit is available to Indian residents for tax paid in a foreign country or specified territory, and is allowed only in the year when the corresponding income is offered to tax or assessed to tax in India, creating a temporal link between domestic taxation of the income and recognition of the foreign tax credit.

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Bill

REVIEW OF CUSTOMS DUTY EXEMPTIONS

1 February, 2026

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Union Budget 2026-27 - Finance Bill, 2026

A. Review of exemptions/concessional rates of BCD prescribed in notification No. 45/2025-Customs dated 24.10.2025:

A comprehensive review has been undertaken in respect of 124 conditional exemptions/concessional duty rate entries in notification No. 45/2025-Customs dated 24.10.2025 whose validity is expiring on 31.03.2026. After review, 102 entries are being continued, with or without modification, for two years, i.e. upto 31.03.2028. Further, 22 entries are being allowed to lapse on the end-date of 31.03.2026.

(a) The details of exemptions/concessional rates being extended, with or without modifications, are as under:

Sl. No.

S. No. of notification No. 45/2025- Customs

Brief Description

End date

 

In TABLE I of notification No. 45/2025-Customs

1.

5

Meat and edible offal of ducks, frozen

31.03.2028

 

2.

14

Planting materials, namely, oil seeds, seeds of vegetables, flowers and ornamental plants, tubers and bulbs of flowers, cuttings or saplings of flower plants, seeds or plants of fruits and seeds of pulses

 31.03.2028

 

3.

58

Algal oil for manufacturing of aquatic feed

31.03.2028

 

4.

61

Lactose for use in the manufacture of homeopathic medicine

31.03.2028

 

5.

69

Specified goods used in the processing of sea-food

31.03.2028

 

6.

84

Gold ores and concentrates for use in the manufacture of gold

31.03.2028

 

7.

85

Specified bunker fuels for use in ships or vessels

31.03.2028

 

8.

 98

Electrical energy supplied to DTA by power plants of 1000MW or above, and granted formal approval for setting up in SEZ prior to 19th July, 2012

 31.03.2028

 

9.

 99

Electrical energy supplied to DTA from power plants of less than 1000MW, and granted formal approval for setting up in SEZ prior to 19th July, 2012

 31.03.2028

 

10.

111

Medical use fission Molybdenum-99 (Mo-99) for use in the manufacture of radio pharmaceuticals

31.03.2028

 

11.

112

Pharmaceutical Reference Standard

31.03.2028

 

12.

114

Specified goods used for the manufacture of ELISA Kits

31.03.2028

 

13.

119

Anthraquinone or 2-Ethyl Anthraquinone, for use in manufacture of Hydrogen Peroxide

31.03.2028

 

14.

134

Specified goods for use in the manufacture of sheets or backsheet, which are used in the manufacture of solar photovoltaic cells or modules

[The entry has been modified]

31.03.2028

 

15.

138

Specified goods for use in the manufacture of Brushless Direct Current (BLDC) motors

31.03.2028

 

16.

140

Tags, labels, stickers, belts etc. imported by bona fide exporters

31.03.2028

 

17.

141

Specified goods imported by bona fide exporters for use in the manufacture of handicraft items, for export

31.03.2028

 

18.

142

Specified goods imported by bona fide exporters for use in the manufacture of textile or leather garments, for export

 31.03.2028

 

19.

 143

Specified goods imported by bona fide exporters for use in the manufacture of leather or synthetic footwear, or other leather products, for export [The entry has been modified]

 31.03.2028

 

20.

144

Specified goods for the manufacture of orthopedic implants or other artificial parts of the body

31.03.2028

 

21.

146

Capacitor grades polypropylene granules or resins for the manufacture of capacitor grade plastic film

31.03.2028

 

22.

148

Super absorbent polymer (SAP) imported for use in the manufacture of specified goods

31.03.2028

 

23.

150

Polytetramethylene ether glycol (PT MEG) for use in the manufacture of spandex yarn

31.03.2028

 

24.

155

New or retreaded Pneumatic tyres of rubber of a kind used in aircrafts

31.03.2028

 

25.

156

New or retreaded Pneumatic tyres of rubber of a kind used in aircrafts

31.03.2028

 

 26.

 160

Pulp of wood or of other fibrous cellulosic material for the manufacture of newsprint, paper and paperboard, adult diapers, and goods falling under heading 9619

 31.03.2028

 

27.

162

All goods imported for use in manufacture of paper, paperboard, or newsprint

31.03.2028

 

28.

163

Specified goods used in the printing of newspapers

31.03.2028

 

29.

164

Lightweight coated paper weighing upto 70g/m2, imported by actual users for printing of magazines

31.03.2028

 

30.

173

Pile fabrics for the manufacture of toys

31.03.2028

 

31.

174

Moulds, tools and dies, for the manufacture of parts of electronic components or electronic equipment

31.03.2028

 

 32.

 175

Graphite Felt for growing silicon ingots, and thin steel wire used in wire saw for slicing of silicon wafers

 31.03.2028

 

33.

184

Simply Sawn Diamonds

31.03.2028

 

34.

185

Seeds for use in manufacturing of rough lab-grown diamonds

31.03.2028

 

35.

205

Ferrous Scrap

31.03.2028

 

 36.

 208

Magnesium Oxide (MgO) coated cold rolled steel coils for use in manufacture of cold rolled grain oriented steel (CRGO).

 31.03.2028

 

37.

209

Specified goods for the manufacture of cold rolled grain-oriented steel

31.03.2028

 

 38.

 220

Forged steel rings for manufacture of special bearings for use in wind operated electricity generators [The entry is being merged with S.No. 230 in TABLE I of notification No. 45/2025-Customs dated 24.10.2025.]

 31.03.2028

 

 39.

 222

Copper wire of refined copper or copper rod for manufacture of photovoltaic ribbon for solar photovoltaic cell or modules [The entry has been modified]

 31.03.2028

 

 40.

 227

Dies for drawing metal, when imported after repairs from abroad, in exchange of similar worn-out dies exported out of India for repairs

 31.03.2028

 

 41.

 228

Parts and raw materials for manufacture of goods to be supplied in connection with the purposes of off- shore oil exploration or exploitation

 31.03.2028

 

 42.

 229

Specified goods when imported by a specified person, in relation with various petroleum operations or coal bed methane operations

 31.03.2028

 

43.

230

Goods for manufacture or the maintenance of wind operated electricity generator components. [The entry has been modified after merger of entry S. No. 220 in TABLE I of notification No. 45/2025- Customs]

 31.03.2028

 

44.

232

Parts of catalytic converters and goods for use in the manufacture of catalytic convertors or its parts

31.03.2028

 

45.

233

Platinum or Palladium for use in the manufacture of Noble Metal Compounds and Noble Metal Solutions

31.03.2028

 

46.

234

Ceria zirconia compounds for use in the manufacture of wash coat for catalytic converters

31.03.2028

 

47.

235

Cerium compounds for use in the manufacture of wash coat for catalytic converters

31.03.2028

 

 48.

 237

Machinery, electrical equipment, other instruments and their parts except populated PCBs for use in fabrication of semiconductor wafer and Liquid Crystal Display

 31.03.2028

 

 49.

 238

Machinery, electrical equipment, other instruments and their parts except populated PCBs for use in assembly, testing, marking and packaging of semiconductor chips

 31.03.2028

 

50.

239

Specified goods for the manufacture of certain goods and their parts

31.03.2028

 

51.

246

Bushings made of Platinum and Rhodium alloy when imported in exchange of worn out or damaged bushings exported out of India

31.03.2028

 

52.

247

Parts and components for manufacture of tunnel boring machines

31.03.2028

 

 53.

256

Evacuated tubes with three layers of solar selective coating for use in the manufacture of solar water heater and system

 31.03.2028

 

54.

267

Ball screws for use in the manufacture of CNC Lathes

31.03.2028

 

55.

268

Linear Motion Guides for use in the manufacture of CNC Lathes

31.03.2028

 

56.

269

CNC Systems for use in manufacture of CNCL lathes

31.03.2028

 

57.

270

Certain goods for use in manufacture of plastic processing machineries

31.03.2028

 

 58.

 272

Parts and components for use in the manufacture of goods like Micro ATMs, Fingerprint reader/scanner, Iris scanner, miniaturized POS card reader

 31.03.2028

 

59.

273

All parts for use in the manufacture of LED lights or fixtures including LED Lamps

31.03.2028

 

 60.

 274

All inputs for use in the manufacture of LED (Light Emitting Diode) driver or Metal Core Printed Circuit Board for LED lights and fixtures or LED lamps

 31.03.2028

 

61.

277

Goods imported for being tested in specified test centers

31.03.2028

 

62.

280

Specified goods for use in the manufacturing of Microphones

31.03.2028

 

 63.

292

Parts, components and accessories for manufacture of Digital Video Recorder (DVR)/ Network Video Recorder (NVR) falling under 8521 90 90, other than the following items, namely populated printed circuit boards; charger or power adapter; Sub-parts for use in manufacture of items mentioned at (i) above [Only clause (ii) is being continued while clause (i) is being allowed to lapse on the end-date of 31st March, 2026]

 31.03.2028

 

64.

293

Parts, components and accessories for use in manufacture of reception apparatus for television

31.03.2028

 

65.

294

Parts, components and accessories for manufacture of CCTV Camera

31.03.2028

 

 66.

 295

Parts, components and accessories except Lithium- ion cell and PCBA for use in manufacture of Lithium- ion battery and battery pack

 31.03.2028

 

67.

296

Inputs, parts or sub-parts for use in the manufacturing of PCBA of Lithium-ion battery and battery pack

31.03.2028

 

68.

297

Open cell for use in the manufacture of LCD and LED TV panels

31.03.2028

 

69.

302

Specified goods for use in the manufacture of LCD and LED TV panels

31.03.2028

 

70.

306

Magnetron of up to 1.5 KW used for the manufacture of domestic microwave ovens

31.03.2028

 

71.

314

Parts, sub-parts, inputs or raw material for use in manufacture of Lithium-ion cells

31.03.2028

 

72.

319

Lithium-ion cell for use in manufacture of battery or battery pack other than for cellular phone or EV

31.03.2028

 

73.

320

Lithium-ion cell for use in the manufacture of battery or battery pack of cellular mobile phone

31.03.2028

 

74.

321

Lithium-ion cell for use in the manufacture of battery or battery pack of EV or hybrid motor vehicle

31.03.2028

 

75.

333

Parts of gliders or simulators of aircrafts (excluding rubber tyres and tubes of gliders)

31.03.2028

 

76.

334

Raw materials for manufacture of aircrafts and parts of aircrafts

31.03.2028

 

77.

335

Components or parts including engines, of aircraft for manufacture of air craft

31.03.2028

 

78.

336

Parts, testing equipment, tools and tool-kits for MRO of aircraft, components or parts of aircraft

31.03.2028

 

79.

337

Other Aircrafts

31.03.2028

 

80.

338

Components or parts, including engines, of aircraft

31.03.2028

 

 81.

 339

Satellites and payloads, ground equipment brought for testing and ground installations for satellite including its spares and consumables

 31.03.2028

 

 82.

 340

Scientific and technical instruments, apparatus, equipment etc., required for launch vehicles and satellites and payloads

 31.03.2028

 

83.

341

All goods under heading 8802 (except CTH 8802 6000)

31.03.2028

 

84.

342

All goods under heading 8802 (except CTH 8802 60 00)

31.03.2028

 

85.

343

All goods under heading 8802 (except CTH 8802 60 00)

31.03.2028

 

86.

345

Parts (other than rubber tubes), of aircraft of heading 8802

31.03.2028

 

87.

348

Parts (other than rubber tubes), of aircraft of heading 8802

31.03.2028

 

 88.

 350

Barges or pontoons imported along with ships for the more speedy unloading of imported goods and loading of export goods

 31.03.2028

 

 89.

355

Fishing vessels, tugs and pusher crafts, light vessels, excluding vessels and other floating structures as are imported for breaking up

 31.03.2028

 

 90.

 375

Stainless steel tube and wire, cobalt chromium tube, etc. required for manufacture of Coronary stents/coronary stent system and artificial heart valve

 31.03.2028

 

 91.

376

Ostomy products for managing Colostomy, Ileostomy, Ureterostomy, Ileal Conduit Urostomy Stoma cases

 31.03.2028

 

 92.

377

Medical and surgical instruments, apparatus and appliances including spare parts and accessories thereof

 31.03.2028

 

93.

382

Hospital Equipment for use in specified hospitals

31.03.2028

 

94.

386

Raw materials, parts or accessories for the manufacture of Cochlear Implants

31.03.2028

 

95.

387

X-Ray Baggage Inspection Systems and parts thereof

31.03.2028

 

96.

388

Portable X-ray machine / system

31.03.2028

 

97.

392

Parts and cases of braille watches, for the manufacture of Braille watches

31.03.2028

 

98.

396

Parts of electronic toys for manufacture of electronic toys

31.03.2028

 

 99.

 415

All items of machinery, and auxiliary equipment required for initial setting up of a project for generation of power or generation of compressed bio- gas (Bio-CNG) using non-conventional materials

 31.03.2028

 

100.

440

All items of machinery, and auxiliary equipment for setting up of fuel cell-based system for generation of power or for demonstration purposes or balance of systems operating on biogas or bio-methane or by- product hydrogen

31.03.2028

 

In TABLE II of notification No. 45/2025-Customs

 101.

 1

Security fibre, security threads, Paper Based Taggant, including M-feature, for use in the manufacture of security paper by Security Paper Mill, Hoshangabad and Bank Note Paper Mill India Private Limited, Mysore

 31.03.2028

 

102.

 2

Raw materials for use in manufacture of security fibre and security threads for supply to Security Paper Mill, Hoshangabad and Bank Note Paper Mill India Private Limited, Mysore for use in manufacture of security paper

 31.03.2028

 

(b) The following 22 conditional exemption entries of notification no. 45/2025-Customs dated 24.10.2025 are being allowed to lapse on the 31.03.2026:

Sl. No.

S. No. of notification No. 45/2025- Customs

 Brief Description

 End date

 

In TABLE I of notification No. 45/2025-Customs

1.

93

Naphtha, for use in the manufacture of fertilisers

31.03.2026

 

2.

95

Liquified petroleum gases (LPG), in excess of the quantity of petroleum gases and other gaseous hydrocarbons consumed in the manufacture of polyisobutylene by the unit located in the Domestic Tariff Area (DTA), received from the unit located in Special Economic Zone (SEZ) and returned by the DTA unit to the SEZ unit from where such LPG were received.

31.03.2026

 

 3.

 107

Silicon in all forms for the manufacture of un-diffused silicon wafers; and un-diffused silicon wafers for the manufacture of solar cells or solar cell modules

 31.03.2026

 

4.

117

Maltol, for use in the manufacture of deferiprone

31.03.2026

 

5.

145

Specified goods imported for the manufacture of Copper-T contraceptives

31.03.2026

 

 6.

154

Ethylene – Propylene – Non-Conjugated Diene Rubber (EPDM) for use in the manufacture of insulated wires and cables

 31.03.2026

 

7.

172

Hydrophilic non-woven, hydrophobic non- woven, imported for use in the manufacture of adult diapers

31.03.2026

 

8.

201

Spent catalyst or ash containing precious metals

31.03.2026

 

9.

218

Metal parts for use in the manufacture of electrical insulators

31.03.2026

 

10.

219

Pipes and tubes for use in manufacture of boilers

31.03.2026

 

11.

231

Permanent magnets for manufacture of synchronous generators above 500KW for use in wind operated electricity generators

 31.03.2026

 

12.

236

Zeolite for use in the manufacture of wash coat for catalytic converters

31.03.2026

 

13.

243

High speed cold-set or high-speed heat set web offset rotary printing machines along with mail room equipment

 31.03.2026

 

14.

271

Cash dispenser or automatic banknote dispenser and its parts and components

31.03.2026

 

15.

275

Television equipment, cameras and other equipment for taking films, imported by a foreign film unit or television team

 31.03.2026

 

16.

276

Photographic, filming, sound recording of foreign origin, if imported into India after having been exported there from

 31.03.2026

 

17.

291

Parts and Components of digital still image video cameras

31.03.2026

 

18.

309

Raw materials or parts for use in manufacture of e- Readers

31.03.2026

 

19.

370

X-Ray tubes used in manufacture of X ray machines for medical, surgical or veterinary use

31.03.2026

 

20.

372

Flat panel detector for use in manufacture of X-Ray machine for medical, surgical or veterinary use

31.03.2026

 

21.

397

Parts of video games for the manufacture of video games

31.03.2026

 

In TABLE IV of notification No. 45/2025-Customs

 

22.

1

Motion pictures, music, gaming software for use on gaming consoles printed or recorded on media

31.03.2026

 

Note: Description of entries is indicative. Notification may be referred to for complete description.

(c) Further, upon review, the following unconditional exemption/ concessional duty rate entries of notification no. 45/2025-Customs dated 24.10.2025 are also being lapsed by omitting the respective entries with effect from 02.02.2026:

Sl. No.

S. No. of TABLE I in notification No. 45/2025- Customs

 Brief Description

1.

1

Animals and birds imported by Zoo

2.

113

Alpha pinene

3.

123

Artificial plasma

4.

128

Ammonium phosphate or ammonium nitro-phosphate, for use as manure or for the production of complex fertilisers

5.

132

Potassium sulphate, containing not more than 52% by weight of potassium oxide*

6.

137

Other diagnostic or laboratory reagents falling under tariff item 3822 90 90*

7.

213

INVAR

8.

258

Coffee roasting, brewing or vending machines for use in the manufacture or processing of coffee

9.

285

Parts of radio trunking terminals

10.

287

CD-ROMs containing books of an educational nature, journals, periodicals (magazines) or newspapers

11.

310

Loco simulators

*Effective BCD rate will remain the same for Sl.No. 5 and 6.

Note: Description of entries is indicative. Notification may be referred to for complete description.

(d) Other changes in the exemption entries of notification No. 45/2025-Customs:

(i) Sunset-clause for the following entries is being removed with effect from 02.02.2026:

Sl. No.

S. No. of TABLE I in notification No. 45/2025- Customs

 Brief Description

1.

 303

Parts suitable for use solely or principally with the apparatus of headings 8525, 8526 or 8527. *The said entry is being omitted w.e.f 1st May, 2026 as the applicable rates will be incorporated in Tariff itself.

2.

353

All goods (excluding vessels and other floating structures as are imported for breaking up) (CTH 8901)

3.

356

All goods (excluding vessels and other floating structures as are imported for breaking up) (CTH 8906)

Note: Description of entries is indicative. Notification may be referred to for complete description.

(ii) Sunset-date of 31.03.2027 for the following entries is being prescribed:

Sl. No.

S. No. of TABLE I in notification No. 45/2025- Customs

 Brief Description

 End date prescribed

1.

192

Gold dore bar, having gold content not exceeding 95%

31.03.2027

2.

193

Silver dore bar having silver content not exceeding 95%

31.03.2027

3.

194

Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units, and gold coins having gold content not below 99.5%, imported by the eligible passenger Gold in any form other than (i), including tola bars and ornaments, but excluding ornaments studded with stones or pearls

31.03.2027

4.

 195

Silver, in any form including ornaments, but excluding ornaments studded with stones or pearls, imported by the eligible passenger

31.03.2027

Note: Description of entries is indicative. Notification may be referred to for complete description.

(iii) The following entries of notification No. 45/2025-Customs are being modified as under, with effect from 02.02.2026:

Sl. No.

S. No. of TABLE I in notification No. 45/2025- Customs

 Particulars

 1.

 69

The value limit of duty-free imports of specified goods imported for use in processing of sea-food has been increased from 1% to 3% of the FOB value of seafood products exported during the preceding financial year

2.

134

The modified description covers specified goods for use in the manufacture of sheets/encapsulants of EVA (Ethylene Vinyl Acetate), PoE (Polyolefin Elastomer) or combinations thereof or backsheet, which are used in the manufacture of solar photovoltaic cells or modules

3.

12, 140, 142

The time period of export of value-added products manufactured from specified inputs imported at concessional rate of duty is being extended from six months to twelve months.

4.

143

The benefit of duty exemption on specified inputs for manufacture of leather/synthetic footwear for export is being extended to exporters of shoe-uppers also. The time period of export of value-added products manufactured from specified inputs imported at concessional rate of duty is being extended from six months to twelve months.

5.

 222

The modified description covers copper wire of refined copper of which the maximum cross-sectional dimension exceeds 6 mm or copper rods of refined copper, for the manufacture of photovoltaic ribbon, or tinned copper interconnect or cell interconnect or string interconnect or the photovoltaic connect or photovoltaic ribbon or solar ribbon or manufacture of solar photovoltaic cell or modules.

6.

220 & 230

S.No. 220 pertaining to “Forged steel rings for manufacture of special bearings for use in wind operated electricity generators” is being merged with S.No. 230.

Subsequently, the description of S.No. 230 covering goods for manufacture or the maintenance of wind operated electricity generator components, has been modified.

Note: Description of entries is indicative. Notification may be referred to for complete description.

(iv) The following exemption entries of notification No. 45/2025-Customs are being omitted with effect from 02.02.2026 as these are redundant. The effective BCD rate would remain the same and will apply from First Schedule of the Customs Tariff Act, 1975. The details are as under:

Sl.No.

S. No. of TABLE I in notification No. 45/2025- Customs

Brief Description

1.

139

Ethylene vinyl acetate (EVA)

2.

157

New Pneumatic tyres, of rubber, of a kind used on aircrafts (other than goods covered under S. Nos. 155 and 156 of the notification No. 45/2025-Customs)

3.

217

Other screws and bolts, nuts and other non-threaded articles falling under tariff items 7318 15 00, 7318 16 00, 7318 29 90

Note: Description of entries is indicative. Notification may be referred to for complete description.

 

Full Text:

Union Budget 2026-27 - Finance Bill, 2026

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Acts Income Tax
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