Indian Budget 2020-21, basic customs duty on eggs, honey, dairy product

Customs duty changes on import of eggs, honey, dairy products, budget 2020-2021.

 

Basic customs tax changes on goods under chapter 04

The below information provides the details of changes in basic Customs duty as per Indian Union Budget 2020-21on Eggs, Honey, Dairy products.

 

The Union Budget 2020 presented in the parliament on February 1, 2020, Saturday, by the Union Finance Minister Nirmala Sitharaman. The Union Budget 2020 will be 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.

 

Customs Tariff Act changes on eggs, honey, dairy product under Chapter 04 given below.

As per Indian Budget 2020-21, the basic customs duty changes on goods under chapter 04 is shown below.  If no changes on present customs basic duty on products under chapter 04, under Budget 2020-2021 the same is mentioned: 

Vide S. No. 7 of notification No. 50/2017-Customs dated 30th June 2017, a concessional BCD of 15% has been prescribed on milk and cream (in powder or granules or other sold forms) falling under sub-heading 040210 or tariff item 04022100, upto an aggregate of ten thousand metric tonnes of total imports of such goods in a financial year. On review, this entry is being omitted vide notification No. 1/2020-Customs dated rd February, 2020. Consequently, Condition No. 1 in the Annexure to notification No. 50/2017-Customs dated 30th June, 2017 is also being omitted.

(2) Vide S. Nos. 7A and 7B of notification No. 50/2017-Customs dated 30th June 2017, concessional BCD of 30% is prescribed on Whey falling under tariff item 0404 10 10 and 0404 90 00. On review, these entries are being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, Whey falling under tariff item 0404 10 10 and 0404 90 90 will now attract 40% BCD.

Further, Whey falling under tariff item 0404 10 10 is being exempted from levy of Social Welfare Surcharge by amending notification No. 11/2018-Customs dated 2nd February, 2018 vide CUSTOMS Notification No 09 of 2020 dated 02nd February, 2020.

(1) Vide S. No 8 of notification No. 50/2017-Customs dated 30th June 2017, concessional BCD of 30% is prescribed on butter, ghee and butter oil falling under tariff heading 0405. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, butter, ghee and butter oil falling under tariff heading 0405 will now attract 40% BCD.

(2) Vide S. No. 9 of notification No. 50/2017-Customs dated 30th June 2017, concessional BCD of 30% is prescribed on ‘Other Cheese’ falling under tariff item 0406 90 00. On review, this entry is being omitted vide CUSTOMS Notification No 01 of 2020 dated 02nd February, 2020. Consequently, Cheese falling wider tariff item 0406 90 00 will now attract 40% BCD.

Further, Other Cheese falling under tariff item 0406 90 00 is being exempted from levy of Social Welfare Surcharge by amending notification No. 11/2018-Customs dated 2nd February, 2018 vide CUSTOMS Notification No 09 of 2020 dated 02nd February, 2020.

 

The above information explains about basic customs duty changes on import of goods under chapter 04,under Indian Union Budget 2020-21.

 

Discuss below your thoughts about customs duty on goods under chapter 04, as per Indian Budget 2020-21

 

 

The above post explains about the clarifications below:

 

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Comments


Sravanthi : Hi , I want to import some dairy products like skim milk powder and full cream milk powder. What is the customs duty and taxes I have to pay

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