Customs duty changes on import of miscellaneous chemical products Budget 2020-21

Indian Budget 2020-21, basic Customs duty on miscellaneous chemical products

 

 

 

Customs Tax changes on goods under Chapter 38

The Customs duty changes declared as per Indian Budget 2020-21 on import of   miscellaneous chemical products is as follows:

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  38 is shown below.  If no changes on present customs basic duty on products under chapter 38 under Budget 2020-21 the same is mentioned: 

Catalysts with precious metals or containing precious metal as active substance falls under sub-heading 3815 12 and there is no change in BCD on them. However, BCD on Platinum and Palladium used in manufacture of all goods falling under sub-heading 3815 12, is being reduced from 12.5% to 7.5% 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.

(2) BCD on all goods, falling under tariff item 3824 99 00 is being increased from 10% to 17.50% by increasing the tariff rate of all goods falling under this tariff item [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 items of this heading covered by S. No. 250A of notification No. 50/2017-Customs, dated 30th June, 2017 will continue to attract BCD at 7.5%. Otherwise tariff rate shall apply on import of goods falling under tariff item 3824 99 00. 

The above information explains about basic customs duty changes on import of goods under chapter 38 under Indian Union Budget 2020-21. Discuss below your thoughts about customs duty on goods under chapter 38  as per Indian Budget 2020-21.

 

The above post explains about the clarifications below: 

 

 

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