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Budget 2021-22 + FINANCE Bill, 2021
Pruning and review of customs duty concessions/ exemptions:
A. Review of concessional rates of BCD prescribed in notification No. 50/2017 – customs dated 30.6.2017: The BCD exemption hitherto available on certain goods are being withdrawn by omitting following entries of notification No. 50/2017-Customs dated 30.6.2017.
S. No. | S. No. of Notfn | Description/ CTH |
1. | 209 | Diphenylmethane 4, 4-diisocyanate (MDI) for use in the manufacture of spandex yarn |
2. | 230 | Ink cartridges, ribbon assembly, ribbon gear assembly, ribbon gear carriage, for use in printers for computers |
3. | 229 [w.e.f 1.4.2021] | 71 items like wax items, wood polish materials, prints for photo frames, velvet fabric/paper, handles/blades for cutlery, jigat, wine tools etc. |
4. | 311 [w.e.f 1.4.2021] | 35 items like fasteners, zippers, shoulder pads, buckles, rivets, Velcro tape, toggles, stud, elastic cloth and band, bobbin, hooks, anglets etc. |
5. | 312 [w.e.f 1.4.2021] | 42 items like buckles, buttons, stamping foil, sewing thread, Loop rivets, Glove Liners, shoe laces, inlay cards etc. |
6. | 313 [w.e.f 1.4.2021] | 18 items like lace, Velcro tape, curtain hooks, Tassel, Beads, Sequins, sewing threads, poly wadding materials, quilted wadding materials etc. |
Full Text:
Withdrawal of basic customs duty exemptions narrows concessional tariff coverage, removing listed goods from notification relief. The Finance Bill, 2021 proposes pruning concessional Basic Customs Duty by omitting specified entries from notification No. 50/2017 Customs, thereby withdrawing BCD exemptions for listed goods - including a chemical intermediate for spandex yarn, printer consumables, and multiple apparel and accessory components - with certain omissions carrying stated commencement dates. of Press 'Enter' after typing page number.
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