The Union Finance Minister presented the Union Budget 2022 and proposed the Finance Bill, 2022 in the Lok Sabha on February 1, 2022. An overview of post-budget Customs and Central Excise notifications as well as changes to Customs and GST laws are listed below.
Customs Notifications
- February 1, 2022- The Central Government vide
notification No. 02/2022 – Customs, has amended notification
no. 50/2017- Customs dated 30th June, 2017 so as to prescribe
effective rate of Basic Customs Duty (BCD). This notification shall
come into force on February 2, 2022.
Notification Link:
https://www.indiabudget.gov.in/doc/cen/cus0222.pdf
- February 1, 2022- The Central Government vide
notification No. 03/2022 – Customs, has amended, notification
No. 11/2018- Customs dated 2nd February, 2018 so as to exempt
certain goods from Social Welfare Surcharge (SWS) and to withdraw
SWS exemption on certain textile items. This notification shall
come into force on 2nd February, 2022.
Notification Link:
https://www.indiabudget.gov.in/doc/cen/cus0322.pdf
- February 1, 2022- The Central Government vide
notification No. 04/2022 – Customs, has rescinded
notification nos. 190/1978-Customs and 191/1978-Customs both dated
22th September, 1978, prescribing additional duty of customs on
imports of transformer oil equivalent to such portion of the excise
duty leviable on the raw material commonly known as transformer oil
base stock or transformer oil feedstock. This notification shall
come into force on 2nd February, 2022.
Notification Link:
https://www.indiabudget.gov.in/doc/cen/cus0422.pdf
- February 1, 2022- The Central Government vide
notification No. 05/2022 – Customs, has rescinded
Notification nos. 10/95-Customs, 26/99-Customs, 27/2004-Customs,
14/2006-Customs, 48/2006-Customs, 90/2007-Customs, 8/2011-Customs,
24/2011- Customs, 49/2013-Customs, 23/2014- Customs,
37/2015-Customs, 11/2016-Customs, 20/2020-Customs, 40/2020-Customs
which have become redundant.
Notification Link: 2
https://www.indiabudget.gov.in/doc/cen/cus0522.pdf
- February 1, 2022- The Central Government vide
notification No. 06/2022 – Customs, has amended notification
nos. 52/2017- Customs dated 30.06.2017 and 37/2017-Customs dated
30.06.2017 to remove entries which are being operated from the
First Schedule to the Customs Tariff Act and certain redundant
entries.
Notification Link:
https://www.indiabudget.gov.in/doc/cen/cus0622.pdf
- February 1, 2022- The Central Government vide
notification No. 07/2022 – Customs, has amended notification
no. 82/2017- Customs dated October 27, 2017 to prescribe effective
rate on certain Textile items up to April 30, 2022.
Notification Link:
https://www.indiabudget.gov.in/doc/cen/cus0722.pdf
- February 1, 2022- The Central Government vide
notification No. 08/2022 – Customs, has amended notification
nos. 104/2010-Customs, 38/96-Customs, 40/2017-Customs,
60/2011-Customs, 148/94-Customs to exempt AIDC/Health cess/RIC on
goods imported under the said notifications. This notification
shall come into force on the 2nd February, 2022.
Notification Link:
https://www.indiabudget.gov.in/doc/cen/cus0822.pdf
- February 1, 2022- The Central Government vide
notification No. 09/2022 – Customs, has amended notification
nos. 146/94-Customs, 147/94-Customs, 39/96-Customs, 50/96-Customs,
30/2004-Customs, 81/2005-Customs, 5/2017-Customs, 16/2017- Customs,
32/2017-Customs to prescribe end dates as per Section 25(4A) of
Customs Act, 1962. This notification shall come into force on the
2nd February, 2022.
Notification Link:
https://www.indiabudget.gov.in/doc/cen/cus0922.pdf
- February 1, 2022- The Central Government vide
notification No. 10/2022 – Customs, has amended notification
no. 27/2011-Customs dated March 01, 2011 to omit redundant entries
and reduce export duty raw hides and skins of buffalo. This
notification shall come into force on the 2nd February, 2022.
Notification Link:
https://www.indiabudget.gov.in/doc/cen/cus1022.pdf - February 1, 2022- The Central Government vide
notification No. 11/2022 – Customs, has implemented a graded
BCD structure for wearable devices and its parts, sub-parts and
subassembly.
Notification Link:
N/A
- February 1, 2022- The Central Government vide
notification No. 12/2022 – Customs, has implemented a graded
BCD structure for hearable devices and its parts, sub-parts and sub
assembly.
Notification Link:
N/A
- February 1, 2022- The Central Government vide
notification No. 13/2022 – Customs, has implemented a graded
BCD structure for smart meters and its parts, sub-parts and
sub-assembly.
Notification Link:
N/A
- February 1, 2022- The Central Government vide
notification No. 14/2022 – Customs, has amended notification
no. 25/1999-Customs dated February 28, 1999 to omit redundant and
obsolete entries. This notification shall come into force on the
2nd February, 2022.
Notification Link:
https://www.indiabudget.gov.in/doc/cen/cus1422.pdf
- February 1, 2022- The Central Government vide
notification No. 15/2022 – Customs, has amended various
notifications giving exemption to electronic items and medical
devices. This notification shall come into force on the 2nd
February, 2022.
Notification Link:
https://www.indiabudget.gov.in/doc/cen/cus1522.pdf
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