Indian Budget 2020-2021, Import BCD on bituminous substances,mineral fuels, mineral waxes, mineral oils,

BCD on mineral waxes, bituminous substances, mineral oils, mineral fuels, as per Indian Budget 2020-21

 

 

 

Basic Customs  Tax changes on goods under Chapter 27

The below information provides the details of changes in basic Customs duty as per Indian Union Budget 2020-21 on mineral waxes, bituminous substances, mineral oils, mineral fuels.

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 27 is shown below.  If no changes on present customs basic duty on products under chapter 27, under Budget 2020-21 the same is mentioned: 

Basic Customs Duty on a new category of bunker fuel, ‘Very Low Sulphur Fuel Oil’ meeting ISO 8217:2017 RMG380 Viscosity in 220-400 CST standards/ Marine Fuel 0.5% (FO) falling under chapter 27 is being reduced from 10% to Nil under the same conditions as available to other bunker fuels namely IFO 180 CST and IFO 380 CST. [S. No. 139 of notification No. 50/2017-Customs, dated 30th June, 2017 as amended by CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.]

Vide S. No. 148 of notification No. 50/2017-Customs dated 30th June 2017, exemption from BCD is prescribed to Naphtha, when imported by Ratnagiri Gas and Power Private Limited (RGPPL), for use in generation of electricity in the power plants of Ratnagiri Gas and Power Private Limited (RGPPL) at Dabhol. On review, this entry is being omitted vide notification No. 1/2020-Customs dated rd February, 2020. Consequential changes are being made in S. No. 147 of notification No. 50/2017-Customs, dated 30th June, 2017 as amended by CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.

 Vide S. No. 149 of notification No. 50/2017-Customs dated 30th June 2017, exemption from BCD is prescribed to Naphtha, when imported for generation of electrical energy by a generating company as defined in section 2(28) of the Electricity Act, 2003 (36 of 2003) to supply electrical energy or to engage in the business of supplying electrical energy. On review, this entry is being omitted vide notification No. 1/2020-Customs dated 2nd February, 2020. Consequential changes are being made in S. No. 147 of notification No. 50/2017-Customs, dated 30th June, 2017as amended by CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.

Vide S. No. 156 of notification No. 50/2017-Customs dated 30th June 2017, Propane falling under tariff item 2711 12 00 attracts BCD at the rate of 2.5%. Vide S. No. 157 of notification No. 50/2017-Customs dated 30th June 2017, Butanes falling under tariff item 2711 13 00 attracts BCD at the rate of 2.5%. Presently, these two tariff items are also covered under S. No. 152 of notification No. 50/2017-Customs, dated 30th June, 2017, which prescribes BCD rate of 5%. On review, entry at S. No 152 is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.

Basic Customs Duty on Calcined Petroleum Coke falling under tariff items 2713 12 10 and 2713 12 90 is being reduced from 10% to 7.5%. [S. No. 147 and new S. No. 157A of notification No. 50/2017- Customs, dated 30th June, 2017 as amended by CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020].

S. No. 160 of notification No. 50/2017-Customs dated 30th June 2017 concerning Electrical Energy falling under tariff item 2716 00 00 is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020.

The above information explains about basic customs duty changes on import of goods under chapter 27, under Indian Union Budget 2020-21.Discuss below your thoughts about customs duty on goods under chapter 27,  as per Indian Budget 2020-21

 

 

 

The above post explains about the clarifications below:

 

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