Minimized Basic customs duty on import under Chapter 40

Indian Budget 2018-19, changes in import basic duty under chapter 40

 

Budget 2019-2020, Customs duty changes on products - chapterwise

 

According to Indian Budget 2018-19,

 

 

 BCD on truck and bus radial tyres falling under tariff item 4011 20 10 is being increased from 10% to 15% by increasing the tariff rate. [Clause 101 (a) of the Finance Bill, 2018 refers].

BCD on Cushion/ Gasket of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels falling under heading 4016 is being increased from Nil to 10%. S. No. 516 of notification No.50/2017-Customs, dated 30th June, 2017, is being amended by notification No. 6 /2018-Customs, dated 2nd February, 2018. Consequently, Cushion/ Gasket of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels will attract 10% BCD at the tariff rate, without any actual user condition

BCD on Microphone Rubber Case, Sensor Rubber Case / Sealing Gasket including sealing gaskets / cases from Rubbers like SBR, EPDM, CR, CS, Silicone and all other individual rubbers or combination / combination of rubbers for use in the manufacture of cellular mobile phones, falling under tariff item 4016 99 90, is being increased from 10% to 15%. S. No.1 of notification No.57/2017-Customs, dated 30th June, 2017, as amended by notification No.22/2018-Customs, dated 2nd February, 2018 and S. No 284 of notification No.50/2017-Customs, dated 30th June, 2017, as amended by notification No. 6/2018-Customs, dated 2nd February, 2018 refer.

 

 

The above product changes in import basic customs tax fall under Chapter 40 of HS code.

 

The BCD rate tariff changes under this HS chapter may or may not change either before or at the time of next Indian Budget 2019-20.  

 

 

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

Procedures to claim brand rate of draw back

 

 Procedures to file IGM (Import General Manifest)

 Procedures under Re-exports

 Re warehousing procedures under STP and EOU units.

 Register with Export Promotion Council

Risks and solutions in export business

RISKS NOT COVERED BY MARINE INSURANCE

Rummaging

 Import General Manifest (IGM)

Import Registration and import Licence procedures in Gabon

How to export from Eritrea?

How to import to India from Eritrea?

Section 67 of CGST Act, 2017 Power of inspection, search and seizure    

Section 20 of IGST Act,2017 Application of provisions      

Tax wrongfully collected and paid to Central Government or State Government, IGST Act,2017 

Zero rated supply, section 16 of IGST Act,2017   

section 14 of IGST Act,2017, Special provision for payment of tax by a supplier                                            

Section 59 of CGST Act, 2017 Self-assessment    

Consumer Welfare Fund, Section 57 of CGST Act, 2017  

Refund of tax, Sec 54 of CGST Act, 2017

Transfer of input tax credit, Section 53 of CGST Act, 2017              

Tax deduction at source, Sec 51 of CGST Act, 2017           

Interest on delayed payment of tax, Section 50 of CGST Act, 2017            

Power to grant exemption from tax under section 6 of IGST Act,2017

Section 47 of CGST Act, 2017 Levy of late fee

Meaning of term bond under GST

What is Registered Person under GST

Term Refunds Mechanism under GST

 


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers