EXPLANATORY MEMORANDUM TO THE FINANCE BILL, 2022

CUSTOMS

Note:

(a) “Basic Customs Duty” means the customs duty levied under the Customs Act, 1962.

(b) “Agriculture Infrastructure and Development Cess” means a duty of customs that is levied under Section 124 of the Finance Act, 2021.

(c) “Road and Infrastructure Cess” means an additional duty of customs that is levied under Section 111 of the Finance Act, 2018 respectively.

(d) “Health Cess” means a duty of customs that is levied under Section 141 of the Finance Act, 2020.

(e) “Social Welfare Surcharge” means a duty of customs that is levied under Section 110 of the Finance Act, 2018.

(f) Clause Nos. in square brackets [ ] indicate the relevant clause of the Finance Bill, 2022.

(g) Amendments carried out through the Finance Bill, 2022, will come into effect on the date of its enactment, unless otherwise specified.

 

 

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Full Text:

Budget 2022-23 + FINANCE Bill, 2022

Customs duty definitions clarify types of cess and additional duties and state amendments take effect upon enactment. The memorandum defines principal customs charge types - Basic Customs Duty, Agriculture Infrastructure and Development Cess, Road and Infrastructure Cess, Health Cess, and Social Welfare Surcharge - links each to existing statutory provisions, notes clause numbers in square brackets refer to Bill clauses, and states amendments in the Finance Bill, 2022, take effect on the date of enactment unless otherwise specified.