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    AMENDMENTS IN THE CUSTOMS TARIFF ACT, 1975
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    NewsBills
    AMENDMENTS IN THE CUSTOMS TARIFF ACT, 1975
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    Countervailing duty changes: anti absorption and retrospective levy in anti circumvention cases, with time limited temporary revocations and review period limits.
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    Basic Customs Duty increases raise rates on chemical, plastics, electronics and auto parts; HSN harmonisation and new crude tariff lines.
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    Concessional import duty rules eased to permit job work and full outsourcing, with clearance on depreciated value subject to differential duty.
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    OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN RESPECTIVE NOTIFICATIONS [with effe...
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    Basic customs duty revisions reshape import protection and input relief across agriculture, metals, electronics and renewable sectors.
    Revisions to Basic Customs Duty rates effective 2 February 2021 adjust import protection and input duty treatment across sectors: raised duties on selected agricultural by products, leather and silk intermediates; re rating of chemicals, plastics and mineral inputs; reorganised duties and an added cess for precious metals and related items; targeted lower or nil rates for specified electronics, telecom and renewable energy inputs to incentivise domestic manufacture; and newly dutiable capital goods and transitional concessions for raw materials supporting local industry.
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    Project Imports Scheme inclusion expands import concessions for high-speed rail projects; sponsoring authority designated to approve required imports.
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    Pruning and review of customs duty concessions/ exemptions
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    Withdrawal of basic customs duty exemptions narrows concessional tariff coverage, removing listed goods from notification relief.
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    Prescribing the condition of observance of the Customs (Import of Goods at Concessional Rate of Duty...
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    IGCR Rules compliance required for concessional-duty import entries, with jurisdictional verification and rescission of select exemption notifications.
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    Amendments to notification No. 50/2017-Customs revise HS transpositions and commodity descriptions, specify exclusions for pulses, omit temporally redundant or duplicate entries, replace broad chapter references with specific headings, insert an explanation to exclude toy balloons of natural rubber latex from an exemption, simplify concessional-rate language for newsprint and similar uncoated papers, and delete redundant proviso clauses to prevent misclassification and remove ambiguity.
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    Retrospective amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944
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    Retrospective tariff amendment clarifies classification and prescribes increased excise duty rates effective retrospectively from budget measures.
    Retrospective amendments to Chapter 27 of the Fourth Schedule to the Central Excise Act correct the Indian Standard for tariff item 27101249 to IS 17076 and prescribe a combined ad valorem and specific per litre excise duty for tariff items 2710 20 10 and 2710 20 20, all effective from 01.01.2020, as proposed in the Finance Bill, 2021.
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    Amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944
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    Tariff amendment revises Chapter 27 classifications for petroleum oils, altering excise duty treatment effective next fiscal year.
    Amendment substitutes entries in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944 revising tariff items for petroleum oils: petroleum crude is classified under tariff item 2709 00 10 assessed per kilogram with a nil excise duty, and a substituted entry for other petroleum oils appears under 2709 00 20 assessed per kilogram with the duty entry not specified in the extract; the amendment is linked to the Finance Bill and is stated to take effect from the next fiscal year.
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    IMPOSITION OF AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC) ON PETROL AND DIESEL
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    Agriculture Infrastructure and Development Cess on petrol and diesel imposed for agriculture infrastructure funding, effective immediately.
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    CHANGE IN EFFECTIVE RATE OF BASIC EXCISE DUTY AND SPECIAL ADDITIONAL EXCISE DUTY ON PETROL AND DIESE...
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    Excise duty adjustment: reductions in basic and special additional excise duties offset the new AIDC to protect consumers.
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    EXEMPTIONS FOR M-15, E-20 AND OTHER BLENDED FUELS
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    Amendments in the Schedule VII of the Finance Act 2001 (NCCD Schedule)
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    Goods and Service Tax
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    Commencement of GST amendments: Finance Bill measures effective on notification and aligned with state enactments.
    Amendments to the Goods and Services Tax framework introduced in the Finance Bill, 2021 will come into effect only when they are notified, and, insofar as practicable, will be notified concurrently with corresponding amendments enacted by States and Union Territories having legislatures; the Bill treats the CGST Act, 2017 and the IGST Act, 2017 as the governing central and integrated GST enactments.

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      Pruning and review of customs duty concessions/ exemptions

      1 February, 2021

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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:

      Budget 2021-22 + FINANCE Bill, 2021

      Topics

      ActsIncome Tax
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