Customs Duty changes on cereals as per Indian Budget 2020-21

Budget 2020-2021, basic Customs Duty on import of cereals 

 

Basic Customs Tax changes on products under Chapter 10

 

 

The Customs duty changes declared as per Indian Budget 2020-21 on import of cereals under chapter 10 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.

Customs Tariff Act changes on cereals under chapter 10 given below.

 

As per Indian Budget 2020-2021, the basic customs duty changes on goods under chapter 10 is shown below.  If no changes on present customs basic duty on products under chapter 10, under Budget 2020-21 the same is mentioned:

 

Vide S. No. 38 of notification No. 50/2017-Customs dated 30th June 2017, meslin falling under tariff item 1001 99 20 is exempted from BCD. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, meslin falling under tariff item 1001 99 20 will now attract 100% BCD.

Further, Meslin falling under tariff item 1001 99 20 is being exempted from levy of Social Welfare Surcharge by amending notification No. 11/2018-Customs dated 2nd February, 2018 vide CUSTOMS Notification No 09 of 2020 dated 02nd February, 2020.

 Vide S. No. 36 of notification No. 50/2017-Customs dated 30th June 2017, ‘durum wheat seeds and seeds of wheat (other than durum wheat)’ falling under tariff item 1001 11 00 and 1001 91 00 are exempted from BCD. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, durum wheat seeds and seeds of wheat other than durum wheat, falling under tariff item 1001 11 00 and 1001 91 00 will now attract 100% BCD.

Further, Wheat falling under tariff item 1001 11 00 and 1001 91 00 is being exempted from levy of Social Welfare Surcharge by amending notification No. 11/2018-Customs dated 2nd February, 2018 vide CUSTOMS Notification No 09 of 2020 dated 02nd February, 2020.

 Vide S. No. 40 of notification No. 50/2017-Customs dated 30th June 2017, Maize falling under sub-heading 1005 90, upto an aggregate of five lakh metric tonnes of total imports of such goods in a financial year, is exempted from BCD. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, Condition No. 1 in the Annexure to notification No. 50/2017-Customs dated 30th June, 2017 is also being omitted.

Further, Maize falling under sub-heading 1001 90 is being exempted from levy of Social Welfare Surcharge by amending notification No. 11/2018-Customs dated rd February, 2018 vide CUSTOMS Notification No 09 of 2020 dated 02nd February, 2020

 

The above information explains about basic customs duty changes on import of goods under chapter 10, under Indian Union Budget 2020-21.

Discuss below your thoughts about customs duty on goods under chapter 10, as per Indian Budget 2020-21

 

The above post explains about the clarifications below:

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