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    AMENDMENTS IN THE CUSTOMS TARIFF ACT, 1975
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    CHANGES IN CUSTOMS RULES
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    OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN RESPECTIVE NOTIFICATIONS [with effe...
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    IMPOSITION OF AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC) ON PETROL AND DIESEL
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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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    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.
    Section 8B is amended for technical corrections. Section 9 adds anti absorption, retrospective levy from initiation in anti circumvention cases, aligns countervailing duty on goods cleared from EOU and SEZ into the domestic tariff area with safeguard measures, limits temporary revocation to a time bound period not exceeding one year at a time, and provides for imposition on review for fixed multi year periods. Section 9A applies parallel changes to anti dumping duty.
    NewsBills
    AMENDMENTS IN THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975
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    Basic Customs Duty increases raise rates on chemical, plastics, electronics and auto parts; HSN harmonisation and new crude tariff lines.
    Amendments raise rates in the First Schedule to the Customs Tariff Act, 1975 by increasing Basic Customs Duty on specified chemicals, plastics, gems and jewellery, electrical and electronics items, and automotive parts under the Finance Bill, 2021, with certain items moving to higher uniform duty levels and limited exclusions preserved. A separate set of tariff headings are adjusted upward without changing their stated effective rate headings. The Schedule also adds new tariff lines for petroleum crude and implements HSN 2022 harmonisation, with some changes effective immediately under provisional collection authority and others on later dates.
    NewsBills
    CHANGES IN CUSTOMS RULES
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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.
    Amendments to the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 permit job work on imported materials (excluding gold, jewellery and other precious metals), allow full outsourcing of manufacture to job workers, and enable clearance of imported capital goods used for the specified purpose upon payment of differential duty with interest calculated on a depreciated value using depreciation norms aligned to Export Oriented Unit treatment under the Foreign Trade Policy.
    NewsBills
    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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    Other miscellaneous changes
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    Project Imports Scheme inclusion expands import concessions for high-speed rail projects; sponsoring authority designated to approve required imports.
    High-Speed Rail projects are included in the Project Imports Scheme, making them eligible for project-specific import treatment under the Project Import Regulations. A designated Sponsoring Authority is empowered to approve the items to be imported under the scheme for High-Speed Rail Projects, centralising approval of project imports for that project class.
    NewsBills
    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.
    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.
    NewsBills
    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.
    Amends notification No. 50/2017-Customs to prescribe observance of the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 for specified conditional entries, empowers the changed jurisdictional authority to issue end use certificates for past periods after verification, and rescinds or merges selected standalone duty exemption notifications to rationalise concessional import conditions.
    NewsBills
    IMPOSITION OF AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS ON IMPORT OF CERTAIN ITEMS [to be effe...
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    Agriculture Infrastructure and Development Cess imposed on specified imports, adjusting customs duties to fund farm infrastructure.
    An Agriculture Infrastructure and Development Cess (AIDC) is proposed on specified imports effective 02.02.2021 under Clause 115 of the Finance Bill, 2021 to finance agricultural infrastructure; the proposal imposes itemised AIDC rates while lowering certain basic customs duty rates so consumer burden is not increased in most cases, covering edible oils, pulses, alcoholic beverages, coal, fertilisers, cotton, and precious metals with a detailed tariff schedule.
    NewsBills
    OTHER CHANGES (INCLUDING CERTAIN CLARIFICATIONS/ TECHNICAL CHANGES BY AMENDING NOTIFICATION NO. 50/2...
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    Tariff classification update: notification entries revised to clarify exclusions and omit redundant entries in customs schedule.
    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.
    NewsBills
    Review of levy of Social Welfare Surcharge on various items
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    Social Welfare Surcharge changes narrow its application, exempting AIDC and limiting levy to value plus basic customs duty.
    Modification to the Social Welfare Surcharge: Notification No. 12/2018-Customs prescribing a 3% rate on certain items including gold and silver is rescinded; SWS is rescinded on goods under headings 2515 11 and 2515 12; SWS is exempted on the value of AIDC for gold and silver, so SWS will apply only on value plus basic customs duty.
    NewsBills
    Other Miscellaneous changes pertaining to Anti-Dumping Duty (ADD)/ Countervailing Duty (CVD)/ Safegu...
    Show AI Summary
    Anti-dumping duty rules revised to require earlier final findings and permit provisional anti circumvention assessments; select duties revoked.
    Amendments require designated authorities in ADD and CVD review cases to issue final findings at least three months before duty expiry and allow provisional assessment in anti circumvention investigations; safeguard rules are reworked to detail implementation and renamed Safeguard Measures. Specific temporary revocations and discontinuations of anti dumping and countervailing duties on listed steel and alloy products from specified origins are announced.
    NewsBills
    EXCISE
    Show AI Summary
    Excise duty definitions clarified in Finance Bill, with specified duties and amendments effective on enactment.
    The Finance Bill, 2021 defines Basic Excise Duty by reference to the Fourth Schedule of the Central Excise Act, 1944 and identifies Road and Infrastructure Cess, Special Additional Excise Duty, and NCCD with their statutory origins; it also indicates clause numbering conventions and provides that amendments in the Bill take effect on enactment unless otherwise stated.
    NewsBills
    AMENDMENT IN THE FOURTH SCHEDULE
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    Tariff amendment: retrospective validation of a prior Fourth Schedule change and insertion of new harmonised tariff items with prescribed duty.
    The document amends the Fourth Schedule: a prior notification amending the Schedule is made effective retrospectively from the start of the stated year; new tariff items are inserted in Chapter 24 to align with the upcoming Harmonised System nomenclature and a prescribed tariff rate is imposed on those items effective from the commencement of the new nomenclature year.
    NewsBills
    Retrospective amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944
    Show AI Summary
    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.
    NewsBills
    Amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944
    Show AI Summary
    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.
    NewsBills
    IMPOSITION OF AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC) ON PETROL AND DIESEL
    Show AI Summary
    Agriculture Infrastructure and Development Cess on petrol and diesel imposed for agriculture infrastructure funding, effective immediately.
    An additional duty of excise, the Agriculture Infrastructure and Development Cess, is proposed on motor spirit (petrol) and high speed diesel by the Finance Bill, 2021 to finance agriculture infrastructure and related development expenditure. The proposal sets fixed per litre cess rates for each fuel and declares the levy effective immediately through the provisional tax collection mechanism, thereby earmarking cess proceeds for agriculture infrastructure and development spending.
    NewsBills
    CHANGE IN EFFECTIVE RATE OF BASIC EXCISE DUTY AND SPECIAL ADDITIONAL EXCISE DUTY ON PETROL AND DIESE...
    Show AI Summary
    Excise duty adjustment: reductions in basic and special additional excise duties offset the new AIDC to protect consumers.
    A new AIDC on petrol and high speed diesel takes effect from 02.02.2021, with concurrent reductions in Basic Excise Duty and Special Additional Excise Duty so consumers do not face additional burden. Revised per litre compositions: petrol unbranded BED 1.4, SAED 11, AIDC 2.5; petrol branded BED 2.6, SAED 11, AIDC 2.5; diesel unbranded BED 1.8, SAED 8, AIDC 4; diesel branded BED 4.2, SAED 8, AIDC 4.
    NewsBills
    EXEMPTIONS FOR M-15, E-20 AND OTHER BLENDED FUELS
    Show AI Summary
    Exemptions for blended fuels: cesses and surcharges waived for M-15 and E-20 where inputs are duty paid.
    Exemptions align excise cesses and surcharges for M-15 and E-20 with existing treatment for lower blends, provided the blended fuels are produced from duty-paid inputs; amendments to central excise notifications extend tax relief to higher-percentage blends on the same eligibility condition tied to the duty status of upstream inputs.
    NewsBills
    Amendments in the Schedule VII of the Finance Act 2001 (NCCD Schedule)
    Show AI Summary
    NCCD on newly inserted tobacco tariff items imposed under the finance measure, becoming chargeable upon HS 2022 implementation.
    Two new tariff items, inserted to align with the HS 2022 nomenclature, are added to Schedule VII of the Finance Act, 2001 and made subject to National Calamity Contingent Duty; the prescribed NCCD rate applies to these tariff entries with effect from the implementation date of HS 2022.
    NewsBills
    Goods and Service Tax
    Show AI Summary
    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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      CHANGES IN CUSTOMS RULES

      1 February, 2021

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      Budget 2021-22 + FINANCE Bill, 2021

      CHANGES IN CUSTOMS RULES

      A.

      Trade Facilitation- Amendment to IGCR rules, 2017

      1.

      Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 [IGCR Rules] are being amended to provide the following facilities:

      a. to allow job-work of the materials (except gold and jewellery and other precious metals) imported under concessional rate of duty

      b. to allow 100% out-sourcing for manufacture of goods on job-work

      c. to allow imported capital goods that have been used for the specified purpose to be cleared on payment of differential duty, along with interest, on the depreciated value. The depreciation norms would be the same as applied to EOUs, as per Foreign Trade Policy.

       

       

       

      Full Text:

      Budget 2021-22 + FINANCE Bill, 2021

      Topics

      ActsIncome Tax
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