Budget 2020-2021, Import BCD on inorganic chemicals

Indian Budget 2020-21, Import BCD on inorganic chemicals

 

 

 BCD on inorganic chemicals, compounds of precious, as per Indian Budget 2020-21 Basic Customs  Tax changes on goods under Chapter 28 

The Customs duty changes  declared as per Indian Budget 2020-21  on import of inorganic chemicals, compounds of precious 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 2020presented 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 chapter 28 is shown below.  If no changes on present customs basic duty on products under chapter 28, under Budget 2020-21 the same is mentioned: 

Vide S. No. 169 of notification No. 50/2017-Customs dated 30th June 2017, concessional BCD of 7.5% is prescribed on goods falling under chapter 28 with certain exceptions. However, all goods falling under headings 2801, 2802, 2803, 2804, 2805 and 2814 presently attract BCD rate at the tariff rate of 5%. On review, entry at S.No. 169 is being suitably amended to remove the inconsistency it has with the tariff rate in respect of said headings [CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020 refers].

Vide S. No 170 of notification No. 50/2017-Customs dated 30th June 2017, Phosphoric acid falling under tariff item 2809 20 10 attracts 5% BCD (a conditional exemption). Also S. No. 177 of notification No. 50/2017-Customs dated 30.06.2017 prescribes 5% concessional BCD on all goods falling under tariff item 2809 20 10. On review, S. No. 170 of notification No. 50/2017-Customs dated 30th June 2017 is being omitted, being redundant. Simultaneously, description under entry at S. No. 177 of notification No. 50/2017-Customs dated 30.06.2017 is being amended to ‘Phosphoric acid’ [CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020 refers].

 BCD on all goods including Noble Metal Compounds and Noble Metal Solutions falling under heading 2843 is being increased from 7.5% to 10% by amending S. No. 169 of notification No. 50/2017-Customs, dated 30th June, 2017, vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.

Further, concessional rate of 7.5% is being prescribed on Platinum and Palladium for use in manufacture of these goods subject to actual used condition [details at entry No. 10 under Chapter 71].

The above information explains about basic customs duty changes on import of goods under chapter 28, under Indian Union Budget 2020-21.Discuss below your thoughts about customs duty on goods under chapter 28, as per Indian Budget 2020-21

 

 

 

 The above post explains about the clarifications below:

 

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