Feb 03, 2022
As many as 350 customs duty exemptions have been
withdrawn in the Budget 2022-23 to boost domestic manufacturing. A
comprehensive review of customs duty exemption on capital goods and project
imports undertaken and more than 40 customs exemptions to be gradually phased
out, the Central Board of Indirect Taxes and Customs (CBIC) tweeted.
In total, 350 customs exemptions are being withdrawn, the CBIC said.
The Budget tabled in Parliament on February 1 had rationalised customs duty
rate on a host of goods.
Duty on capital goods and project imports was rationalised by phasing out
concessional rates and applying a moderate tariff of 7.5 per cent.
However, exemptions for advanced machineries that are not manufactured within
the country will continue.