Budget 2018: Customs duty rates amended in line with 'Make in India'
Indirect Taxes
In the first
Union Budget after the introduction of GST, the finance minister (FM)
expectedly did not make any changes under the Goods and Services Tax
(GST) regime.
The changes to
the GST law, if any, are expected to be taken up separately under the
present Parliamentary session. The FM, however, during his speech did
mention that with the introduction of GST, the indirect tax system
has been made simpler.
Nonetheless,
there have been some important announcements on the Customs law front
in line with the key initiatives being driven by the government for
the last couple of years now, such as Make in India and ease of doing
business, dispute resolution, etc.
Customs duty
rates amended in line with ‘Make in India’
The following
changes in customs duty rates on import of goods have been made in
line with the government’s aim of further promoting ‘Make in
India’:
Measures for ease
of doing business under Customs
Power to exempt
import of goods into India for repair/processing being introduced so
as to avoid the need for claiming refund of duty paid on the import
of such goods at the time of re-export of the goods.
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