BUDGET
List of revised customs duty and cess on some items
This story was originally published at 20:18 IST on 23 July 2024
Register to read our real-time news.Informist, Tuesday, Jul 23, 2024
NEW DELHI – The Centre today announced changes in basic customs duty and cess in the Union Budget for 2024-25 (Apr-Mar). Customs duty is levied on imports and helps the government raise revenue. The Union Budget has estimated customs revenue for 2024-25 at 2.38 trln rupees, compared with the provisional actual revenue of 2.33 trln rupees for 2023-24.
"I propose to undertake a comprehensive review of the rate structure over the next six months to rationalise and simplify it for ease of trade, removal of duty inversion, and reduction of disputes," Finance Minister Nirmala Sitharaman said.
To give relief to cancer patients, the minister proposed to fully exempt three more medicines--trastuzumab deruxtecan, osimertinib, and durvalumab--from duty. Duty has also been reduced on medical equipment like X-ray tubes & flat panel detectors used in medical X-ray machines in synchronisation with the phased manufacturing programme for domestic capacity addition, she added.
To give a fillip to the processing and refining of critical minerals, the government proposed to fully exempt 25 critical minerals from customs duty and to reduce duty on two more. The government also cut duty on precious metals, other metals, leather, and textiles.
In the interest of consumers, the government proposed to cut duty on mobile phones, mobile phone chargers, and printed circuit boards used in mobile phones to 15% from 20%, Sitharaman said. "With a three-fold increase in domestic production and almost hundred-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured," she said.
The Centre revises customs duty rates based on broader economic policies, trade relations, and global market dynamics. Cess is levied on base tax with a specific purpose.
The following are the changes proposed in agriculture infrastructure and development cess:
Items | New (In %) | Old (In %) |
| Gold bar | 1.0 | 5.0 |
| Gold dore | 0.35 | 4.35 |
| Silver bar | 1.0 | 5.0 |
| Silver dore | 0.35 | 4.35 |
Platinum, Palladium, Osmium, Ruthenium, Iridium | 1.4 | 5.4 |
Coins of precious metals | 1.0 | 5.0 |
Gold/Silver findings | 1.0 | 5.0 |
The following are the changes proposed in customs duty:
| Items | New (%) | Old (%) |
| Shea nuts | 15 | 30 |
| Live SPF Vannamei shrimp broodstock | 5 | 10 |
| Live Black tiger shrimp broodstock | 5 | 10 |
| Artemia | Nil | 5 |
| Artemia cysts | Nil | 5 |
| SPF Polychaete worms | 5 | 30 |
| Fish lipid oil for making acquatic feed | Nil | 15 |
| Crude fish oil for making acquatic feed | Nil | 30 |
| Algal oil for making acquatic feed | Nil | 15 |
| Algal Prime (flour) for making acquatic feed | Nil | 15 |
| Mineral, Vitamin Premixes for making acquatic feed | Nil | 5 |
| Insect meal for R&D in making acquatic feed | 5 | 15 |
| Single Cell Protein from Natural Gas for use in Research & Development purposes in aquatic feed manufacturing | 5 |
15 |
| Protein from Natural Gas for R&D in acquatic feed | Nil | 15 |
| Krill Meal for making acquatic feed | Nil | 5 |
| Pre-dust breaded powder for processing sea-food | 5 | 30 |
| Prawn and shrimps feed | 5 | 15 |
| Fish feed | 5 | 15 |
| Natural Graphite | Nil | 5 |
| Natural sands | 2.50 | 5 |
| Quartz (other than natural sands) | 2.50 | 5 |
| Quartzite (trimmed or cut) | Nil | 5 |
| Strontium sulphate (natural ore) | Nil | 5 |
| Copper ores and concentrates | Nil | 2.50 |
| Cobalt ores and concentrates | Nil | 2.50 |
| Tin ores and Concentrates | Nil | 2.50 |
| Tungsten Ores and Concentrates | Nil | 2.50 |
| Molybdenum ores and concentrates | Nil | 2.50 |
| Zirconium ores and concentrates | Nil | 2.50 |
| Hafnium Ores and concentrates | Nil | 2.50 |
| Vanadium ores and concentrates | Nil | 2.50 |
| iobium or tantalum ores and concentrates | Nil | 2.50 |
| Antimony Ores and Concentrates | Nil | 2.50 |
| Tellurium | Nil | 5 |
| Silicon, containing not less than 99.99% of silicon | Nil | 5 |
| Other silicon | Nil | 5 |
| Selenium | Nil | 5 |
| Alkali or alkaline earth metals | Nil | 5 |
| Rare-earth metals, scandium and yttrium | 2.50 | 5 |
| Silicon dioxide | Nil | 7.50 |
| Potassium hydroxide | Nil | 7.50 |
| Oxides, hydroxides and peroxides, of strontium or barium | Nil | 7.50 |
| Cobalt oxides | Nil | 7.50 |
| Cobalt hydroxides | Nil | 7.50 |
| Commercial cobalt oxides | Nil | 7.50 |
| Lithium oxide and hydroxide | Nil | 7.50 |
| Vanadium oxides and hydroxides | Nil | 2.5/7.5 |
| Germanium oxides | Nil | 7.50 |
| Molybdenum oxides and hydroxides | Nil | 7.50 |
| Antimony oxides | Nil | 7.50 |
| Cadmium oxides | Nil | 7.50 |
| Chlorides of Nickel | Nil | 7.50 |
| Strontium chloride | Nil | 7.50 |
| Sulphates of Nickel | Nil | 7.50 |
| Nitrates of potassium | Nil | 7.50 |
| Lithium carbonates | Nil | 7.50 |
| Strontium carbonates | Nil | 7.50 |
| Salts of acids of Beryilium, Rhenium | Nil | 7.50 |
| Compounds of rare earth metals | Nil | 7.50 |
| Bismuth citrate | 2.50 | 7.50 |
| Artificial Graphite, colloidal, semi-colloidal graphite | 2.50 | 7.50 |
| Preparations based on graphite | Nil | 7.50 |
| Unwrought Tin | Nil | 5 |
| Unwrought tungsten | Nil | 5 |
| Unwrought molybdenum | Nil | 5 |
| Unwrought tantalum | Nil | 5 |
| Cobalt, unwrought | Nil | 5 |
| Bismuth, unwrought | Nil | 2.50 |
| Unwrought zirconium | Nil | 10 |
| Unwrought antimony, powders | Nil | 2.50 |
| Beryllium unwrought, powders | Nil | 5 |
| Hafnium unwrought, waste, scrap, powders | Nil | 10 |
| Rhenium unwrought | Nil | 10 |
| Cadmium unwrought, powders | Nil | 5 |
| Cadmium, wrought | Nil | 5 |
| Gallium unwrought; waste and scrap, powder | Nil | 5 |
| Germanium unwrought; waste and scrap, powder | Nil | 5 |
| Indium unwrought; waste and scrap, powder | Nil | 5 |
| Niobium unwrought; waste and scrap, powder | Nil | 5 |
| Vanadium unwrought; waste and scrap, powder | Nil | 5 |
The following are the changes proposed in customs duty on precious metals, other metals, chemicals, drugs, and others:
| Items | New (%) | Old (%) |
| Ferro Nickel | NIL | 2.5 |
| Blister Copper | Nil | 5 |
| Ammonium Nitrate, in aqueous solution or not | 10 | 7.5 |
| All goods other than poly vinyl chloride (PVC) flex film/flex banner | 10 | 25 |
| All goods other than poly vinyl chloride (PVC) flex film/flex banner | 15 | 25 |
| Methylene Diphenyl Di-isocyanate (MDI) for use in the manufacture of Spandex yarn | 5 | 7.5 |
| Wet white, crust, and finished leather for manufacture of textile or leather garments, leather /synthetic footwear, or other leather products, for export | Nil | 10 |
| Accessories of textile or leather garments, leather, /synthetic footwear or other leather products, for export | Nil | As applicable |
| Real Down Filling Material from Duck or Goose for use in the manufacture of textile or leather garments for export | 10 | 30 |
| Trastuzumab deruxtecan | NIL | 10 |
| Osimertinib | NIL | 10 |
| Durvalumab | NIL | 10 |
| Gold bar | 6 | 15 |
| Gold dore | 5.35 | 14.35 |
| Silver bar | 6 | 15 |
| Silver dore | 5.35 | 14.35 |
| Platinum, Palladium, Osmium, Ruthenium, Iridium | 6.4 | 15.4 |
| Coins of precious metals | 6 | 15 |
| Gold/Silver findings | 6 | 15 |
| Platinum and Palladium used in manufacture of noble metal solutions, noble metal compounds, and catalytic convertors | 5 | 7.5 |
| Bushings made of platinum and rhodium alloy when imported in exchange of worn out or damaged bushings exported out of India | 5 | 7.5 |
| Polyethylene for use in manufacture of orthopaedic implants | Nil | As applicable |
| Special grade stainless steel, Titanium alloys, Cobalt-chrome alloys | Nil | As applicable |
| Polyethylene for use in manufacture of other artificial parts of the body | Nil | As applicable |
| X-ray tubes for use in the manufacture of X-ray machines for medical, surgical, dental or veterinary use | 5 (till Mar 31 2025) 7.5(from Apr 1, 2025 to Mar 31, 2026)
10 (from April 2026) | 15 |
| Flat panel detectors used in X-ray machines | 5 (till Mar 31, 2025)
10 (from April 2026) | 15 |
| Cellular mobile phone | 15 | 20 |
| Adapter of cellular mobile phone | 15 | 20 |
| Printed Circuit Board Assembly of cellular mobile phone | 15 | 20 |
| Specified parts for use in manufacture of connectors | Nil | 5/7.5 |
| Oxygen Free Copper for use in manufacture of Resistors | Nil | 5 |
| Specified die-cut parts for use in manufacture of cellular mobile phones | Nil | As applicable |
| Specified mechanics for use in manufacture of cellular mobile phones | Nil | As applicable |
| Printed Circuit Board Assembly of specified telecom equipment | Nil | 10 |
| Capital goods for use in manufacture of solar cells or solar modules, | Nil | 7.5 |
| Solar glass for the manufacture of solar cells | 10 | Nil |
| Tinned copper interconnect for manufacture of solar cells | 5 | Nil |
| Components and consumables for use in manufacture of specified vessels | Nil | As applicable |
| Technical documentation and spare parts for construction of warships | Nil | As applicable |
| Tanned or crust hides | 20 | 40 |
| Raw fur skins | 40 | 60/10 |
| Tanned or dressed fur skin | 20 | 60 |
End
Reported by Rajesh Gajra and Afra Abubacker
Edited by Rajeev Pai
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
