Indian Budget 2020-21, basic Customs duty on import of Iron articles and Steel articles

Customs duty on Iron articles and Steel articles as per Indian Budget 2020-21

 

 

 

Basic Customs Tax changes on goods under Chapter 73

The below information provides the details of changes in basic Customs duty as per Indian Union Budget 2020-21 on Iron articles and Steel articles.

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 73is shown below.  If no changes on present customs basic duty on products under chapter 73,under Budget 2020-21 the same is mentioned: 

BCD on all goods falling under heading 7323 is being increased from 10% to 20% increasing the tariff rate and by amending S. No. 377 of notification No.50/2017-Customs, dated 30th June, 2017, vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. [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 73, under Indian Union Budget 2020-21.Discuss below your thoughts about customs duty on Iron articles and Steel articles under chapter 73,  as per Indian Budget 2020-21.

 

 

The above post explains about the clarifications below:

 

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