Indian Budget 2020-21, basic Customs duty on gaiters,footwear, and the like

Customs duty  changes on import of  gaiters,footwear, and the like, Budget 2020-21

 

 

 

Customs  Tax changes on goods under Chapter 64

The Customs duty changes  declared as per Indian Budget 2020-21 on import of gaiters,footwear, and the like is as follows:

 

The Union Budget for financial year 2020-21 presented in the parliament by Union Finance Minister Nirmala Sitharaman on February 1. 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. 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.

As per Indian Budget 2020-21, the basic customs duty changes on gaiters,footwear, and the like under chapter 64 is shown below.  If no changes on present customs basic duty on products under chapter 64,under Budget 2020-21 the same is mentioned: 

BCD on all goods falling under headings 6401 to 6405 [footwear] is being increased from 25% to 35% by increasing the tariff rate of all goods falling under these headings. [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.

Tariff rate on all goods falling under heading 6406 [ parts of footwear] is being increased from 15% to 20%. [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. Simultaneously entry at S. No. 331 and the Condition No. 37 along with Lists 8 and 9 of notification No.50/2017-Customs, dated 30th June, 2017 vide which concessional rate of 10% was prescribed on footwear parts and other consumables, are being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Thus, due these changes parts of footwear falling under headings 6406 will now attract 20% BCD the other parts and consumables will now attract BCD applicable otherwise.

The above information explains about basic customs duty changes on import of goods under chapter 64, under Indian Union Budget 2020-2021. Discuss below your thoughts about customs duty on goods under chapter 64,  as per Indian Budget 2020-21.

 

 

The above post explains about the clarifications below:

 

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