Budget 2020-21,Basic Customs Duty on Toys, games and sports requisites; parts and accessories thereof.

Basic Customs Duty on Toys, games and sports requisites parts and accessories thereof to import under Budget 2020-21

 

 

 

Basic Customs Tax changes on goods under Chapter 95

The Customs duty changes declared as per Indian Budget 2020-21 on import of   Toys, games and sports requisites; parts and accessories thereof 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 95 is shown below.  If no changes on present customs basic duty on products under chapter 95,under Budget 2020-21 the same is mentioned:

BCD on all goods (toys and dolls etc.) falling under headings 9503, is being increased from 20% to 60%, 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.

The above information explains about basic customs duty changes on import of goods under chapter 95, under Indian Union Budget 2020-21.Discuss below your thoughts about customs duty on goods under chapter 95,  as per Indian Budget 2020-21.

 

 

 

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