Budget 2020-21, basic Customs Duty on import of fertilizers
Basic Customs Tax changes on products under Chapter 31
The below information provides the details of changes in basic Customs duty as per Indian Union Budget 2020-21 on fertilizers.
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 31 is shown below. If no changes on present customs basic duty on products under chapter 31,under Budget 2020-21 the same is mentioned:
Vide S. No. 220 of notification No. 50/2017-Customs dated 30th June, 2017, concessional BCD rate of 5% is prescribed for Kyanite salts, in a form indicative of their use for manurial purpose, falling under Chapter 31.. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, these goods will attract rate applicable otherwise to these goods.
The above information explains about basic customs duty changes on import of goods under chapter 31 under Indian Union Budget 2020-21.Discuss below your thoughts about customs duty on goods under chapter 31 as per Indian Budget 2020-21
The above post explains about the clarifications below:
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