Latest Budget 2017-18 changes in import duty for medicinal plants, seeds, straws etc.

Customs Tax changes for medicinal plants, seeds, straws etc. as per Indian Budget

 Customs Duty Changes under new Budget 2019-20, click here

Latest Budget 2017-18 changes in import duty for medicinal plants, seeds, straws etc.After demonetization and before introduction of GST in India, the Budget 2017-18 is being presented on 1st February, 2017 by union government.  Unlike previous years, Railway Budget is also included with Budget 2017-18. 

The duty changes to import medicinal plants, seeds, straws are given below as per new Indian Budget 2017-18.

 

No changes in Customs Duty rates as per Indian Budget 2017-18 under this HSN chapter


Click here to read government notification on changes of import duty tariff rate under Indian Budget 2017-18, HSN code chapter wise.  


 

Customs duty tariff rate changes as per Indian Budget 2017-18

Central Excise Duty changes as per Indian Budget 2017-18

Service Tax rate Changes under Indian Budget 2017-18

 

Customs Duty Changes under Indian Budget 2017-18

 

 

  Indirect Taxes

I.             PROPOSALS INVOLVING CHANGE IN DUTY / TAX RATES:

CUSTOMS:

 

   

Commodity

Rate of Duty

   

 

From

To

I.

Incentivizing domestic value addition, ‘Make in India’

A.

Reduction in Customs duty on inputs and raw materials to reduce costs

   

Mineral fuels and Mineral oils

   
 
  1.  

Liquefied Natural Gas

BCD – 5%

BCD – 2.5%

 

 

Chemicals & Petrochemicals

   
 
  1.  

Medium Quality Terephthalic Acid (MTA) & Qualified Terephthalic Acid (QTA)

BCD – 7.5%

BCD – 5%

 

 

Metals

   
 
  1.  

Nickel

BCD – 2.5%

BCD – Nil

 

 

Finished Leather

   
 
  1.  

Vegetable tanning extracts, namely, Wattle extract and Myrobalan fruit extract

BCD – 7.5%

BCD – 2.5%

 

 

Capital Goods

   
 
  1.  

Ball screws, linear motion guides and CNC systems for use in the manufacture of CNC machine tools, subject to actual user condition

Ball screws and liner motion guides

BCD – 7.5%

CNC systems

BCD – 10%

 

 

BCD – 2.5%

 

 

Renewable Energy

   
 
  1.  

All items of machinery required for fuel cell based power generating systems to be set up in the country or for demonstration purposes, subject to certain specified conditions

BCD – 10% /7.5%

 

CVD – 12.5%

BCD – 5%

 

CVD – 6%

 
  1.  

All items of machinery required for balance of systems operating on biogas/ bio-methane/ by-product hydrogen, subject to certain specified conditions

BCD – 10% /7.5%

 

CVD – 12.5%

BCD – 5%

 

CVD – 6%

 

 

Miscellaneous

   
 
  1.  

All parts for use in the manufacture of LED lights or fixtures, including LED lamps, subject to actual user condition

Applicable BCD, CVD

BCD – 5%

CVD – 6%

 
  1.  

All inputs for use in the manufacture of LED Driver and MCPCB for LED lights or fixtures, including LED lamps, subject to actual user condition

Applicable BCD

5%

B.

Changes in Customs and Excise / CV duty to address the problem of duty inversions in certain sectors

 

 

Chemicals & Petrochemicals

   
 
  1.  

o-Xylene

BCD – 2.5%

BCD – Nil

 
  1.  

2-Ethyl Anthraquinone [2914 69 90] for use in manufacture of hydrogen peroxide, subject to actual user condition

BCD – 7.5%

BCD – 2.5%

 
  1.  

Vinyl Polyethylene Glycol (VPEG) for use in manufacture of Poly Carboxylate Ether, subject to actual user condition

BCD – 10%

BCD – 7.5%

 

 

Textiles

   
 
  1.  

Nylon mono filament yarn for use in monofilament long line system for Tuna fishing, subject to certain specified conditions

BCD – 7.5%

BCD – 5%

 

 

Metals

   
 
  1.  

Co-polymer coated MS tapes / stainless steel tapes for manufacture of specified telecommunication grade optical fibres or optical fibre cables, subject to actual user condition

BCD – Nil

BCD – 10%

 
  1.  

MgO coated cold rolled steel coils [7225 19 90] for use in the manufacture of CRGO steel, subject to actual user condition

BCD – 10%

BCD – 5%

 
  1.  

Hot Rolled Coils [7208] for use in the manufacture of welded tubes and pipes falling under heading 7305 or 7306, subject to actual user condition

BCD – 12.5%

BCD – 10%

 

 

Automobiles

   
 
  1.  

Clay 2 Powder (Alumax) for use in ceramic substrate for catalytic convertors, subject to actual user conditon

BCD – 7.5%

BCD – 5%

 

 

Renewable Energy

   
 
  1.  

Solar tempered glass for use in the manufacture of solar cells/panels/modules

BCD – 5%

 

BCD – Nil

 

 
  1.  

Parts/raw materials for use in the manufacture of solar tempered glass for use in solar photovoltaic cells/modules, solar power generating equipment or systems, flat plate solar collector, solar photovoltaic module and panel for water pumping and other applications, subject to actual user condition

CVD – 12.5%

CVD – 6%

 
  1.  

Resin and catalyst for use in the manufacture of cast components for Wind Operated Energy Generators [WOEG], subject to actual user condition

BCD – 7.5%

CVD – 12.5%

SAD – 4%

BCD – 5%

CVD – Nil

SAD – Nil

 

 

Miscellaneous

   
 
  1.  

Membrane Sheet and Tricot / Spacer for use in the manufacture of RO membrane element for household type filters, subject to actual user condition

CVD – 12.5%

CVD – 6%

C.

Changes in Customs duty to provide adequate protection to domestic industry

   

Food Processing

   
 
  1.  

Cashew nut, roasted, salted or roasted and salted

BCD – 30%

BCD – 45%

 

 

Electronics / Hardware

   
 
  1.  

Populated Printed Circuit Boards (PCBs) for use in the manufacture of mobile phones, subject to actual user condition

SAD – Nil

SAD – 2%

   

Miscellaneous

   
 
  1.  

RO membrane element for household type filters

BCD – 7.5%

BCD – 10%

D.

Promotion of cashless transactions and promote domestic manufacturing of devices used therefor

 
  1.  

a)   Miniaturized POS card reader for m-POS (not including mobile phones or tablet computer),

b)  Micro ATM as per standards version 1.5.1,

c)   Finger Print Reader / Scanner, and

d)  Iris Scanner

Applicable BCD, CVD SAD

BCD – Nil

CVD – Nil

SAD – Nil

 
  1.  

Parts and components for manufacture of:

a)   miniaturized POS card reader for m-POS (not including mobile phones or tablet computer),

b)  micro ATM as per standards version 1.5.1,

c)   Finger Print Reader / Scanner, and

d)  Iris Scanner

Applicable BCD, CVD SAD

BCD – Nil

CVD – Nil

SAD – Nil

II.

Imposition of export duty to conserve domestic resources

 
  1.  

Other aluminium ores, including laterite

Nil

15%

III.

Improving ease of doing business and Export Promotion

 
  1.  

De-minimis customs duties exemption limit for goods imported through parcels, packets and letters

Duty payable not exceeding Rs.100 per consignment

CIF value not exceeding Rs.1000 per consignment

 
  1.  

Limit of duty free import of eligible items for manufacture of leather footwear or synthetic footwear or other leather products for use in the manufacture of said goods for export

3% of FOB value of said goods exported during the preceding financial year

5% of FOB value of said goods exported during the preceding financial year

IV.

Anti-avoidance measure

 
  1.  

Silver medallion, silver coins, having silver content not below 99.9%, semi-manufactured form of silver and articles of silver

CVD – Nil

CVD – 12.5%

 

Note:  (a)  “Basic Customs Duty” means the customs duty levied under the Customs Act, 1962.

              (b)  “CVD” means the Additional Duty of Customs levied under sub-section (1) of section 3 of the Customs Tariff Act, 1975.

              (c)   “SAD” means the Special Additional Duty of Customs levied under sub-section (5) of section 3 of the Customs Tariff Act, 1975.

              (d)  “Export duty” means duty of Customs leviable on goods specified in the Second Schedule to the Customs Tariff Act, 1975.

 

 

 

GST rate for medicinal plants, seeds, straws etc. also is expected to declare once after introduction of GST this year, before September, 2017.

 

Also read:

Find HSN code of your product

All about GST Registration process in India

How to Export your commodity? 

Learn GST easily in simple understanding

How to start an Export Business in India?

How to get Export Order?

Learn Imports and Exports online free

Financial schemes for Exporters in India

How to open Letter of Credit?

Types of Export Containers

How to Import goods to India?

How to open an LC? Procedures to open a Letter of Credit

How to overcome credit risk in export business?

How to overcome Negative thoughts in export business

How to prepare an Export Invoice. Contents of Export commercial Invoice:

How to prepare an Export Packing list. Contents of Export Packing list

How to prepare Purchase order

Transferability of Bill of Lading

Transhipment - A redefinition

Travelers to India under import duty exemption, Frequently Asked Questions Part 2

Triangular export

Triangular shipment

Types of Insurance Documents.

How to protect parties each other in triangular exports

How to re-construct EP copy of shipping bill

How to send export samples to foreign buyer? Tips to send samples to foreign buyer

How to set up an export import firm in India

What is VACIS exam in US import customs clearance

When can an exporter release bill of lading from shipping company?

 

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