Budget Updates and changes in custom duty in her speech in Budget 2023-2024 by Honorable Finance Minister of India.
There are some important changes related with customs and import-export trade, which has been announced by Honorable Finance Minister of India in her speech in Budget 2023-2024.
Reduction in basic customs duty to reduce input costs, deepen value addition, to promote export competitiveness, correct inverted duty structure so as to boost domestic manufacturing etc [with effect
from 02.02.2023]
1. Customs duty on goods of textiles, toys, bicycle reduced.
2. To promote Green Mobility – basic customs duty concession for lithium ion battery
3. To promote Electronics manufacture- relief on customs duty for camera lens and lithium battery
4. Television – TV panels customs duty reduced
5. Electric kitchen chimney to reduce inverted duty structure.
6. Benefit for ethanol blending program and acid program and epichlorohydrine
7 Marine Products- to promote exports – shrimps, etc. Duty on shrimpfeed reduced
8. Basic Customs duty reduced for seeds in manufacture for diamonds
9. Customs duty to increase in silver bars
10. Steel – concessional customs duty on steel and ferrous products
11. Copper – concessional customs duty on copper
12. Rubber – concessional customs duty on rubber
13. Cigarettes – increased tax
