With a view to promoting exports, boosting domestic manufacturing, and enhancing value addition, the Union Budget 2023-24 has proposed a number of changes to the Customs Duty regime which is likely to make mobile phones and TVs cheaper and a certain class of automobiles, including EVs, as well as toys and bicycles dearer. I propose to reduce the number of …
The Ministry of New & Renewable Energy has issued a circular stating that the increase in the rate of GST on renewable energy devices and the imposition of Basic Customs Duty on cells and modules would be treated as changes in the law.BCD at the rate of 25% has been imposed on imports of solar PV cells and BCD at …
The Central Board of Indirect Taxes and Customs has issued a clarification on the concessional Basic Custom Duty rate on parts used in the manufacturing of Liquid Crystal Device and Light Emitting Diode TV panels. 50/2017-Customs dated June 30, 2017 provides for a concessional BCD rate of 5% for specified parts and subparts of LCD and LED TV panels. According …
