Reduced Basic customs duty on import under Chapter 71

Indian Budget 2018-19, changes in import basic duty under chapter 71

 

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

 

According to Indian Budget 2018-19,

 

BCD on cut and polished coloured gemstones falling under chapter 71 is being increased from 2.5% to 5%. S.No.349 of notification No.50/2017-Customs, dated 30th June, 2017, as amended by notification No. 6/2018-Customs, dated 2nd February, 2018 refers.

BCD on diamonds including lab grown diamonds-semi processed, half-cut or broken falling under chapter 71 is being increased from 2.5% to 5%. S.No.350 of notification No.50/2017-Customs, dated 30th June, 2017, as amended by notification No. 6/2018-Customs, dated 2nd February, 2018 refers.

BCD on non-industrial diamonds including lab-grown diamonds (other than rough diamonds) falling under chapter 71 is being increased from 2.5% to 5%. S.No.351 of notification No.50/2017-Customs, dated 30th June, 2017, as amended by notification No. 6/2018-Customs, dated 2nd February, 2018 refers.

Silver (including silver plated with gold or platinum), unwrought or in semi-manufactured form, or in powder form is being exempted from the newly imposed Social Welfare Surcharge in excess of an amount calculated at 3% of the aggregate of duties of customs. [Notification No.12/2018-Customs dated 02.02.2018 refers.]

Gold (including gold plated with platinum), unwrought or in semi-manufactured form, or in powder form is being exempted from the newly imposed Social Welfare Surcharge in excess of an amount calculated at 3% of the aggregate of duties of customs. [Notification No. 12/2018-Customs dated 02.02.2018 refers.]

BCD on all goods falling under heading 7117 is being increased from 15% to 20% by increasing the tariff rate. [Clause 101 (a) of the Finance Bill, 2018 refers]

 

The above product changes in import basic customs tax fall under Chapter 71 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.  

 

 

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