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of <h1>Finance Bill 2023 amends Customs Act, adjusts tariff rates, revises duties, and updates exemptions for trade and commodities.</h1> The Union Budget 2023-24 introduces several amendments to the Customs Act, 1962, and the Customs Tariff Act, 1975, through the Finance Bill, 2023. Key changes include extending exemption notifications for trade agreements and international obligations, setting a nine-month limit for Settlement Commission applications, and clarifying countervailing and anti-dumping duties. Tariff rates are adjusted for various commodities, including chemicals, rubber, and precious metals, with some rates increasing and others decreasing to rationalize the customs duty structure. Additionally, certain exemptions are extended, while others are discontinued. Social Welfare Surcharge and Agriculture Infrastructure and Development Cess rates are revised for specific goods.
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