Changes in customs duty on Miscellaneous

Indian Budget 2018-19, changes in BCD under Miscellaneous

  

1) Social Welfare Surcharge is being levied on imported goods with effect from 2nd February, 2018, to provide and finance education, health and social security. Clause 108 of the Finance Bill refers. By virtue of a declaration under the Provisional Collection of Taxes Act, 1931, the levy of Social Welfare Surcharge will come into immediate effect, that is with effect from 2nd February, 2018.

2) Education Cess and Secondary & Higher Education Cess leviable on imported goods are being abolished by omitting Chapter VI in Finance (No.2) Act, 2004 and Finance Act, 2007, respectively. [Clause 106 of the Finance Bill refers]. Till the enactment of the Finance Bill, 2018, Education Cess and Secondary & Higher Education Cess leviable on imported goods are being fully exempted by way of notification. [Notification Nos. 7/2018-Customs and 8/2018-Customs dated 02.02.2018 refer] Consequently, Notification Nos. 69/2004-Customs dated 09.07.2004 and 2$/2007-Customs dated 1st March 2007 exempting specified goods from levy of Education cess and SHE cess are being rescinded vide notification Nos.9/2018-Customs and 10/2018-Customs dated 02.02.2018.

3) Specified goods, which were exempt form levy of Education cess and SHE cess under notification Nos. 69/2004-Customs dated 09.07.2004 and 28/2007-Customs dated Pt March 2007 respectively, are being fully exempted from the levy of Social Welfare Surcharge. Notification No.11/2018-Customs dated 02.02.2018 refers].

4) Levy of Social Welfare Surcharge on Integrated Tax and GST Compensation Cess on imported goods is being fully exempted by way of notification. Notification No. 13/2018-Customs dated 02.02.2018 refers]

5) Motor spirit commonly known as petrol and high speed diesel oil are being exempted from the newly imposed Social Welfare Surcharge in excess of amount calculated at 3% of the aggregate of duties of customs [Notification No.12/2018-Customs dated 02.02.2018 refers.]

6) Silver (including silver plated with gold or platinum), unwrought or in semi-manufactured form, or in powder form is being exempted from the newly imposed Social Welfare Surcharge in excess of amount calculated at 3% of the aggregate of duties of customs [Notification No. 12/2018-Customs dated 02.02.2018 refers.]

7) Gold (including gold plated with platinum), unwrought or in semi-manufactured form, or in powder form is being exempted from the newly imposed Social Welfare Surcharge in excess of amount calculated at 3% of the aggregate of duties of customs [Notification No.12/2018-Customs dated 02.02.2018 refers.]

 

The BCD rate tariff under this HS chapter may or may not change either before or at the time of next Indian Budget 2019-20.  


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