Customs Duty changes on precious metals , stones, pearls as per Indian Budget 2020-21

 

 

Budget 2020-21, basic Customs Duty on import of precious metals , stones, pearls

 

 

Basic Customs Tax changes on products under Chapter 71

The below information provides the details of changes in basic Customs duty as per Indian Union Budget 2020-21on pprecious metals , stones, pearls.

 

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 71,is shown below.  If no changes on present customs basic duty on products under chapter 71 under Budget 2020-21 the same is mentioned:  

BCD on Rubies, emeralds and sapphires, unset and imported uncut, falling under heading 7103 is being increased from Nil to 0.5% by amending S. No. 344 (ii) of notification No.50/2017-Customs, dated 30th. June, 2017, vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.

BCD on Rough colored gemstones, falling under heading 7103 is being increased from Nil to 0.5% by amending S. No. 346 of notification No.50/2017-Customs, dated 30th June, 2017, vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.

BCD on Rough semi-precious stones, falling under heading 7103 is being increased from Nil to 0.5% by amending S. No. 347 of notification No.50/2017-Customs, dated 30th June, 2017, vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.

 BCD on Pre-forms of precious and semi-precious stones, falling under heading 7103 is being increased from Nil to 0.5% by amending S. No. 348 of notification No.50/2017-Customs, dated 30th June, 2017, vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.

BCD on Rough synthetic gemstones, falling under heading 7104 is being increased from Nil to 0.5% by amending S. No. 360 of notification No.50/2017-Customs, dated 30th June, 2017, vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.

BCD on Rough cubic zirconia, falling under heading 7104 is being increased from Nil to 0.5% by amending S. No. 361 of notification No.50/2017-Customs, dated 30th June, 2017, vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.

BCD on Polished cubic zirconia, falling under heading 7104 is being increased from 5% to 7.5% by amending S. No. 362 of notification No.50/2017-Customs, dated 30th June, 2017, vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.

The end use-based exemption available on Gold in the form of wire, ribbon, preform of purity 99.99 % and above used in manufacture of specified goods listed in notification No. 25/1999-Customs dated 28th February 1999 is being withdrawn by omitting entry at S. No. 80 notification No. 25/1999-Customs dated 28th February 1999, vide CUSTOMS Notification No 05 of 2020 dated 02nd February, 2020.

The end use-based exemption available on gold wire with phosphorous or antimony doping used in manufacture of specified goods listed in notification No. 25/1999-Customs dated 28th February 1999 is being withdrawn by amending entry at S. No. 82 of notification No. 25/1999-Customs dated 28th February 1999, vide CUSTOMS Notification No 05 of 2020 dated 02nd February, 2020.

BCD on Platinum and Palladium falling under heading 7110 is being reduced from 12.5% to 7.5%, for use in manufacture of (i) all goods (including Noble Metal Compounds and Noble Metal Solutions) falling under heading 2843 and (ii) catalysts with precious metals or containing precious metal as active substance, falling under sub-heading 3815 12, subject to actual user condition, by amending notification No 50/2017-Customs dated 30th June, 2017 vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020, new S. No. 415A refers.

BCD spent catalyst or ash containing precious metals imported for recovery of precious metals falling under heading 7112, is being reduced from 12.5% to 11.85% subject to certificate from Ministry of Environment, Forest and Climate Change and other specified conditions, by amending notification No. 50/2017- Customs, dated 30th June, 2017 vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020 new S. No. 364A refers.

BCD on all goods falling under heading 7118 is being increased from 10% to 12.5% by increasing the tariff rate of all goods falling under this heading [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 71,under Indian Union Budget 2020-21.Discuss below your thoughts about customs duty on goods under chapter 71,  as per Indian Budget 2020-21.

 

 

The above post explains about the clarifications below:

 

What is the BCD to be paid to customs on import of   semi precious stones under Indian Budget 2020-2021. Budget 2020-21, what is the basic customs duty on semi precious stones.  Explain the changes in basic custom duty on gold under budget 2020-21.Is there any duty changes of customs on pearls as per Indian Budget 2020-2021? What is the present basic import customs duty on  natural pearls under Budget 2020-21 in India?  The rate of import basic customs duty on diamonds under Indian Budget 2020-21. What is the customs duty on precious stones as  per budget 2020-21?  Any changes in customs duty on mounted diamond sets under Indian Budget 2020-2021. silver import duty  payables under budget 2020-21.   Basic customs duty declared by Indian Budget 2020-2021 on import of base metals.  Basic Customs Duty  on clad with gold under Indian Budget 2020-21.  Whether import customs duty on gold plated with platinum decreased or increased under Indian Budget 2020-2021.  Highlights of Indian budget on import customs duty on synthetic precious diamond.  Declaration of customs duty on import of mounted metals based on Indian budget 2020-21.  Import duty changes on ruby under Indian Budget 2020-21.  Rate of import duty payable on reconstructed precious stones as per Indian Budget 2020-21. Base metals import duty changes under budget 2020-21.  What is the budget rate of import duty on clad with silver as per Indian Budget 2020-21. Indian Budget 2020-21, import duty payable on sheet metals.  Import duty rate changes on silver coated under Budget 2020-2021. Customs Duty declared on platinum for import under Indian Budget 2020-21. Present rate of duty payable to customs on import of reconstructed precious stones in Budget 2020-2021. 

 

 


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