- February 11, 2023
- Posted by: Advince
- Category: India Taxation
No Comments
- National Calamity Contingent Duty (NCCD) on specified cigarettes was increased.
- Increasing the duty on silver dore, bars, and articles to align with gold and platinum, as well as on jewelry made from precious metals including gold, silver, and platinum.
- Extension is granted to the exemption from BCD on raw materials for manufacturing CRGO Steel, ferrous scrap and nickel cathode.
- Reduction in the basic customs duty on seeds used to manufacture Lab Grown Diamonds (LGD).
- The basic customs duty on the electric kitchen chimneys has been increased.
- Reduction in the basic customs duty on parts of open cells of TV panels to encourage domestic manufacturing of television.
- Imports of capital goods and machinery used to manufacture lithium-ion cells for batteries in electric vehicles will continue to be exempt from customs duties.
- Exemption is also granted for excise duty on GST-paid compressed bio-gas used in blended compressed natural gas.
- On certain consumables imported, such as toys, bicycles, automobiles, and naphtha, minor changes are made to basic customs duties, cesses, and surcharges.
- The customs duties were revised on the following list of items-
- Imported capital goods for lithium-ion battery manufacturing.
- Imported mobile camera lens.
- Denatured ethyl alcohol.
- Primary inputs for making shrimp feed.
- Seeds for manufacturing lab-grown diamonds.
- Extending the concessional Basic Customs Duty (BCD) on copper scrap.
- Compounding rubber to bring it at par with natural rubber.