14 February 2022

Union Budget 2022

Phoenix Legal


Phoenix Legal is a full service Indian law firm offering transactional, regulatory, advisory, dispute resolution and tax services. The firm advises a diverse clientele including domestic and international companies, banks and financial institutions, funds, promoter groups and public sector undertakings. Phoenix Legal was formed in 2008 and now has 14 Partners and 65 lawyers in its two offices (New Delhi and Mumbai) making it one of the fastest growing law firms of the country.
Set out below is a summary of key tax proposals announced in the Union Budget 2022.
India Tax
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Set out below is a summary of key tax proposals announced in the Union Budget 2022.

      1.1. Appointment Of Officers
      1. "Proper officer" to be appointed by Board or Principal Commissioner of Customs or Commissioner of Customs in terms of power conferred upon them under Section 5 of the Customs Act.
      2. Officers of DRI, Audit and Preventive formation are to be included in "Class of officers of Customs".
      3. CBIC or the Principal Commissioner/Commissioner of Customs to be empowered to assign functions to Custom officers.
      4. Whenever a function performed by an officer of competent jurisdiction is questioned / subjected to an inquiry, investigation, audit or any other specified purpose by another Customs officer, then after the completion of such inquiry, investigation, audit or any other purpose the officer, who originally exercised such jurisdiction shall have the sole authority to exercise jurisdiction for further action like reassessment, adjudications.

      1.2. Faceless Assessment

      1. Criteria such as territory, class of persons, class of goods etc. to be considered by CBIC while assigning functions to the Customs officer.
      2. For the proper management of work, two or more officers of customs, can concurrently exercise powers and functions (for example in the case of faceless assessment).

      1.3. Valuation of imported goods

      1. Additional obligations on the importer in case the Board has reason to believe that the imported goods are being undervalued / if the value of imported goods is not being declared accurately by the importer.

      1.4. Advance Rulings

      1. Advance Ruling is made valid for a period of three years or till there is a change in law or facts on the basis of which the advance ruling has been pronounced, whichever is earlier.
      2. Existing Advance Rulings will be in force for 3 years from the date on which the President gives assent to the Finance Bill, 2022.

      1.5. Publishing of data

      1. Publication of import and export data submitted by importers or exporters, unless published by or on behalf of the Central Government will be considered as an offence under the Customs Act, 1962. Proposed under new Section 135AA

      1.6. Anti-Dumping Duty (ADD)/ Countervailing Duty (CVD)

      1. ADD on Straight Length Bards and Rods of alloy-steel, High Speed Steel of Non-Cobalt Grade, Flat rolled product of steel, plated or coated with alloy of Aluminium or Zinc is rescinded from February 1, 2022.
      2. CVD imposed on imports of "Certain Hot Rolled and Cold Rolled Stainless Steel Flat Products" originating in or exported from China PR is rescinded from February1,2022.

      1.7. Amendment to Customs (Import of goods at concessional rate of duty) Rules (IGCR Rules), 2017 w.e.f from 02.02.2022 vide Notification No. 07/2022- Customs (N.T.) dated 01.01.2022

      1. Importer to provide one time information on the common portal in Form IGCR-1 and on acceptance of the information an Import of Goods at Concessional Rate Identification Number (IIN) shall be generated.
      2. The importer who intends to avail the benefit of an exemption notification has to mention the IIN and continuity bond number while filing the Bill of Entry.
      3. The importer has to maintain records of the goods and submit a monthly statement on the common portal in the Form IGCR-3 by the tenth day of following month.
      4. A scheme is proposed to be introduced for duty free imports, for use in the manufacture of goods exported within a period of six months, based on end use under the IGCR Rules, 2017.
      5. Conditional exemptions have been provided for certain raw materials used in manufacture of textile, handicraft products, leather or synthetic footwears meant for exports.

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