Budget 2025: Finance Minister’s attempt to make customs duty suitable

Finance Minister Nirmala Sitharaman on Saturday said that drug, leather, motorcycle, basic customs including drugs, leather, motorcycles, some definite minerals including drugs, leather, motorcycles, some certain important minerals to strengthen domestic manufacturing and increase exports Cut into However, customs duty has been reduced on 37 items including car, stainless steel, cycle, solar cell. Also, agricultural infrastructure and development cess (AIDC) have been increased. But there has been no change in the effective rate. The fee has been increased in the case of two other items woven fabrics and electronic displays.

Announcing the General Budget, the Finance Minister said that our proposal for customs duty is to correct the framework and improve duty inversion. This will support indigenous manufacturing and value enhancement, encouraging exports. It is also to facilitate business and relieve common people.

After a detailed review of the structure of customs rates, the government decided to lift seven rates of fees. Now only eight tariff rates are left, including zero charges. The government has decided to give exemption of social welfare surcharge from 82 tariff lines and 82 tariff lines. In the previous budget, Sitharaman announced that the Finance Ministry would make a detailed review of the rates of rates suitable and their simplification so that the business is facilitated, the duty has ended and there is a decrease in disputes.

Ajay Srivastava, a former Commerce Officer and founder of Delhi think tank GTRI, said in a report that fee rates in the general budget 2025 remain unchanged for several products. But the fee structure has been again balanced – the baseline customs have been reduced and AIDC has been increased. This change will give more revenue to the central government. The basic customs are shared with the states, not AIDC.

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Sitharaman said that Public Infrastructure IndiaTredate for digital international business would be formed as unified platforms, which will be for documentation and financial solutions of business. This will complement the Unified Logistics Interface Platform (ULIP).

Apart from this, the government will set up a National Manufacturing Mission to further further the Make in India initiative, which will include small, medium and large industries. It will be carried out through policy assistance, roadmap for implementation, central ministries and states, governance and surveillance.

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