BCD on Glass and Glassware as per Indian Budget 2019-20

Indian Budget 2019-2020, Import BCD on Glass and Glassware

 

 

Basic Customs  Tax changes on goods under Chapter 70

The Customs duty changes  declared as per Indian Budget 2020-21 on import of   Glass and Glassware is as follows:

The Union Budget for financial year 2020-21 presented in the parliament by Union Finance Minister Nirmala Sitharaman on February 1. The Union Budget 2020 presented in parliament around 11 am on February 1. Usually the duration to present the Union Budget is 90 to 120 minutes. 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.

As per Indian Budget 2020-21, the basic customs duty changes on goods under chapter70is shown below.  If no changes on present customs basic duty on products under chapter 70,under Budget 2020-21 the same is mentioned:

 

BCD on all goods falling under heading 7013 is being increased from 10% to 20% by increasing the tariff rate. [Clause 115 (a) of the Finance Bill, 2020 refers]. By virtue of declaration under the Provisional Collection of Taxes Act, 1931, this increase will come into force with immediate effect.

BCD on all goods (Glass Beads) falling under tariff item 7018 10 20 is being increased from 10% to 20% by increasing the tariff rate of all goods falling under these headings [Clause 115 (a) of the Finance Bill, 2020 refers]. By virtue of declaration wider the Provisional Collection of Taxes Act, 1931, this increase will come into force with immediate effect.

The above information explains about basic customs duty changes on import of goods under chapter 70 under Indian Union Budget 2020-21. Discuss below your thoughts about customs duty on goods under chapter 70  as per Indian Budget 2020-21. 

 

 

The above post explains about the clarifications below:

 

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