Basic Customs Duty on fats of animal and vegetables, products to import under Budget 2020-21.

Budget 2020-2021,Basic Customs Duty on animal and vegetables, products.

 

Basic Customs Tax changes on goods under Chapter 15. The Customs duty changes declared as per Indian Budget 2020-21 on import of fats of animal and vegetables under chapter 15 is as follows:

 

The Union Finance Minister Nirmala Sitharaman  presented Union Budget 2020 in Parliament around 11 am on February 1. . Till 2016, the Union Budget was presented on the last working day of February. Former finance minister Arun Jaitley changed the tradition in 2017 when he presented the Budget on February 1. Ahead of the Union Budget, an Economic Survey is presented by the Chief Economic Advisor.

As per Indian Budget 2020-21, the basic customs duty changes on goods under chapter 15 is shown below.  If no changes on present customs basic duty on products under chapter 15, under Budget 2020-2021 the same is mentioned:

Entries at S. Nos. 56, 57, 58, 59 and 69 of notification No. 50/2017-Customs dated 30.6.2017 prescribe BCD rates on different type of vegetables oil. On review, the entries at S. Nos. 56, 58, 59 and 69 are being omitted and entry at S. No. 57 is being amended, vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.As regards edible vegetable oils, these entries were redundant as edible vegetable oils covered in these entries get lower rate in other entries (entries Nos. 57, 61, 62, 63, 64, 64A, 65, 70, 71, 73 and 74). Non-edible vegetable oils shall attract the BCD rate applicable otherwise.

(2) Vide S. No. 68 of notification No. 50/2017-Customs dated 30`11 June 2017, a concessional BCD of 50% has been prescribed on crude sunflower seed or safflower oil falling under sub-heading 1512 11, upto an aggregate of one lakh fifty thousand metric tonnes of total imports of such goods in a financial year. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, Condition No. 1 in the Annexure to notification No. 50/2017-Customs dated 30th June, 2017 is also being omitted.

(3) Vide S. No. 72 of notification No. 50/2017-Customs dated 30th June 2017, a concessional BCD of 45% has been prescribed on refined rape, colza or mustard oil falling under sub-heading 1514 19 and 1514 99, upto an aggregate of one lakh fifty thousand metric tonnes of total imports of such goods in a financial year. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, Condition No. 1 in the Annexure to notification No. 50/2017-Customs dated 30th June, 2017 is also being omitted.

(4) Vide S. No. 78 of notification No. 50/2017-Customs dated 30th June 2017, concessional BCD of 80% is prescribed on Margarine, animal or vegetable fats and oils falling under tariff heading 1517 and 1518. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, Margarine, animal or vegetable fats and oils falling under tariff heading 1517 and 1518 will now attract 100% BCD.

(5) Vide S. No. 83 of notification No. 50/2017-Customs dated 30th June 2017, concessional BCD of 20% is prescribed on crude glycerol, glycerol waters and glycerol lyes (other than crude glycerin) falling under tariff item 1520 00 00. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, crude glycerol, glycerol waters and glycerol lyes (other than crude glycerin) falling under tariff item 1520 00 00 will now attract 30% BCD.

The above information explains about basic customs duty changes on import of goods under chapter 15, under Indian Union Budget 2020-21.Discuss below your thoughts about customs duty on goods under chapter 15, as per Indian Budget 2020-21.

 

 

The above post explains about the clarifications below:

 

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