Budget 2020-2021, Basic Customs Duty on vinegar, spirit and beverages.

Basic Customs Duty on vinegar, spirit and beverages to import under Budget 2020-21

 

 

 

Basic Customs Tax changes on goods under Chapter 22

The Customs duty changes declared as per Indian Budget 2020-21 on import of vinegar, spirit and beverages 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 22 is shown below.  If no changes on present customs basic duty on products under chapter 22 under Budget 2020-21 the same is mentioned: 

Vide S. No. 105 of notification No. 50/2017-Customs dated 30th June 2017, concessional BCD of 30% is prescribed on Wine, for use as a sacramental wine falling under chapter 22. On review, this entry and Condition No 11 in the Annexure to notification No. 50/2017-Customs dated 30th June, 2017 is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, Wine, for use as a sacramental wine falling under chapter 22 will now attract 150% BCD.

Vide S. No. 108 of notification No. 50/2017-Customs dated 30th June 2017, concessional 5% BCD is prescribed on Angostura bitters falling under tariff heading 2208. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, Angostura bitters falling under tariff heading 2208 will now attract 150% BCD.

The above information explains about basic customs duty changes on import of goods under chapter 22, under Indian Union Budget 2020-21.Discuss below your thoughts about customs duty on goods under chapter 22, as per Indian Budget 2020-21

 

 

 

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