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of <h1>Finance Bill 2022 Phases Out Customs Duty Exemptions for Key Sectors; Textiles and Power Hit Hardest by 2023.</h1> The Finance Bill 2022 outlines a phased withdrawal of customs duty exemptions for capital goods, project imports, and various sectors such as textiles, power, petroleum, leather, and food packaging. The review targets concessional Basic Customs Duty (BCD) rates, with specific exemptions being withdrawn or modified. Key sectors impacted include textiles, where machinery exemptions will be phased out by 2023, and power, with changes affecting equipment for high voltage projects. Additionally, numerous standalone notifications have been amended or rescinded, with sunset dates applied to remaining entries. The changes aim to streamline and rationalize customs duty exemptions.
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