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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