Budget 2020-21, Basic Customs Duty on vegetables, fruits, nuts or other parts of plants.

Basic Customs Duty on vegetables, fruits, nuts or other parts of plants to import under Budget 2020-21

 

 

Basic Customs Tax changes on goods under Chapter 20

The below information provides the details of changes in basic Customs duty as per Indian Union Budget 2020-21 on vegetables, fruits, nuts or other parts of plants.

The Union Budget 2020 presented in the parliament on February 1, 2020, Saturday, by the Union Finance Minister Nirmala Sitharaman. 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. . 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 20 is shown below.  If no changes on present customs basic duty on products under chapter 20 under Budget 2020-21 the same is mentioned:

 

Vide S. No. 98 of notification No. 50/2017-Customs dated 30th June 2017, concessional BCD of 30% is prescribed on preserved potatoes falling under tariff item 2004 10 00. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, preserved potatoes falling under tariff item 2004 10 00 will now attract 35% BCD.

(2) Vide S. No. 99 of notification No. 50/2017-Customs dated 30 June 2017, concessional BCD of 7.5% is prescribed on peanut butter falling under tariff item 2008 11 00. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, peanut butter falling under tariff item 2008 11 00 will now attract 30% BCD.

 

The above information explains about basic customs duty changes on import of goods under chapter 20, under Indian Union Budget 2020-21.Discuss below your thoughts about customs duty on goods under chapter 20, as per Indian Budget 2020-21.

 

 

 

The above post explains about the clarifications below:

 

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