Indian Budget 2020-21, BCD on import of Project imports; laboratory chemicals; passengers' baggage

Customs duty on Project imports laboratory chemicals,  passengers baggage as per Indian Budget 2020-21

 

 

Indian Budget 2020-21, basic Customs duty on import of Project imports; laboratory chemicals; passengers' baggage, personal importations by air or post; ship stores

Basic Customs Tax changes on goods under Chapter 98

The Customs duty changes  declared as per Indian Budget 2020-21 on import of   Project imports; laboratory chemicals; passengers' baggage, personal importations by air or post; ship stores 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.

As per Indian Budget 2020-21, the basic customs duty changes on goods under chapter 98 is shown below.  If no changes on present customs basic duty on products under chapter 98, under Budget 2020-21 the same is mentioned:

 

Entry at S. No. 603 of notification No. 50/2017-Customs dated 30th June, 2017, provides exemption from BCD to Drinking Water Supply Projects for supply of water for human or animal consumption under project import. Notification No. 14/2004-Customs dated 8m January 2004, provides exemption from BCD to Water Supply Projects for agricultural or industrial use under project import.

S.No. 603 of notification No. 50/2017-Customs, dated 30th June, 2017 is being amended so as to also include Water Supply Projects for agricultural or industrial use under project import in its ambit. Consequently, notification No. 14/2004-Customs dated 8th January 2004 is being rescinded vide Notification No 12/2020 Customs date on 02nd February, 2020.

 

The above information explains about basic customs duty changes on import of goods under chapter 98, under Indian Union Budget 2020-21. Discuss below your thoughts about customs duty on goods under chapter 98,  as per Indian Budget 2020-21.

 

 

 

The above post explains about the clarifications below:

 

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