CURRENT AFFAIRS

Detailed explanation-1: -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.

Detailed explanation-2: -The government might exempt certain goods (Covid-19 vaccines and life-saving drugs, for example) from BCD by imposing a zero percent rate. Imports might also invite a reduced or zero percent BCD rate if imported under a free trade agreement.

Detailed explanation-3: -Basic Customs Duty (BCD): This is the tax that is calculated on the Assessment Value of the goods that have landed at the customs border of India. It can vary between 0% to 100%. BCD depends upon the HSN code of the product and the Country of Import.

Detailed explanation-4: -He said the combined imports value for products where duty was raised is USD 12 billion or 1.6 per cent of India’s total merchandise imports in 2022. Import duty was hiked on a number of goods including silver bars and dore bars, styrene, vinyl chloride, naphtha, gold jewellery, small cars, bicycles, and toys.