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of <h1>Finance Bill 2022 Adjusts Customs Duties: Reductions on Agriculture, Fuels, and Diamonds; New Paper Waste Duty Introduced.</h1> The Finance Bill 2022 proposes changes to customs duty rates and health cess for various commodities, effective from February 2, 2022. Key changes include reduced duties on agricultural products like live black tiger shrimp and frozen krill, and fuels such as fuel oil and vacuum gasoil. The duty on paper waste is introduced at 2.5%, while duties on diamonds and gemstones are reduced. Exemptions on iron and steel scrap are extended. Adjustments are also made for electronics, medical devices, toys, and capital goods, with some duties reduced or eliminated to support domestic manufacturing and specific industries.
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