Budget 2020-21,Basic Customs Duty on fur skins and artificial fur, manufactures.

Basic Customs Duty on fur skins and artificial fur, manufactures to import under Budget 2020-21

 

  

Basic Customs Tax changes on goods under Chapter 43

The below information provides the details of changes in basic Customs duty as per Indian Union Budget 2020-21 on fur skins  and  artificial fur, manufactures.

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 chapter 43 is shown below.  If no changes on present customs basic duty on products under chapter 43 under Budget 2020-21 the same is mentioned: 

Entry at S. No. 287 of notification No. 50/2017-Customs dated 30th June, 2017 provides BCD exemption on raw or tanned furskins etc. falling under headings 4301 and 4302 [except tariff item 4301 30 00]. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, these goods will attract BCD at the rate of 15% (heading 4301 other tariff item 4301 30 00) and 10% (heading 4302).

The above information explains about basic customs duty changes on import of goods under chapter 43 under Indian Union Budget 2020-21.Discuss below your thoughts about customs duty on goods under chapter 43  as per Indian Budget 2020-21.

 

The above post explains about the clarifications below:

 

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