CURRENT AFFAIRS

Detailed explanation-1: -In all the customs duty has been increased on 19 items,” it said. The import duty on air conditioners, household refrigerators and washing machines (less than 10 kg) doubled to 20 per cent. The basic customs duty on compressors, speakers and footwears raised to 10 per cent, 15 per cent and 25 per cent respectively.

Detailed explanation-2: -It can be from 0% to 100%. Basic Customs Duty is assessed on all goods imported into India. The actual fee paid will depend on where goods are coming from, what they are, and what they’re made of. Some goods such as life saving medicines may be exempt - and therefore receive a 0% BCD rate.

Detailed explanation-3: -q 5 major ad-valorem rates of basic customs duty, namely 5%, 15%, 25%, 35% and 45% have now been reduced to 4 major ad-valorem rates of basic customs duty, namely, 5%, 15%, 25% and 35% .

Detailed explanation-4: -Customs Duty Update in Union Budget 2022 With Subject to IGCR rules, Exceptions are Introduced to allow duty free imports on items like handicrafts, leather goods and apparel. After a detailed review of custom duty exemptions , more than 40 excemptions Proposed to gradually phased out.