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HomeBusinessBCD Vs ACD Vs Special CVD: Customs Duties In India Explained
Union Budget 2024 includes a reduction of BCD to 15 per cent on mobile phones, mobile printed circuit board assemblies (PCBA), and mobile chargers.
By : Shayak Majumder|Updated at : 23 Jul 2024 01:43 PM (IST)
BCD is levied on the assessed value of goods arriving at India's customs border, ranging from 0 per cent to 100 per cent.
Source :
Alexandre Gonçalves da Rocha/PixabayUnion Budget 2024: In her record-setting seventh consecutive presentation of the Union Budget, Finance Minister Nirmala Sitharaman revealed significant reductions in Basic Customs Duties (BCD) on a range of items. The Budget 2024 includes a reduction of BCD to 15 per cent on mobile phones, mobile printed circuit board assemblies (PCBA), and mobile chargers. Moreover, 25 essential minerals, such as lithium, copper, cobalt, and rare earth elements, will be exempt from customs duties. These minerals are critical for industries including nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics.
The list of exempted capital goods for manufacturing solar cells and panels is set to be expanded, fostering growth in the solar energy sector.
Additionally, the proposed budget plans to remove customs duties on oxygen-free copper, which is crucial for manufacturing resistors, and to exempt certain parts used in making connectors.
ALSO READ: FM Sitharaman Revises Tax Slabs Under New Tax Regime, Check How Much Tax You Can Save
What Is BCD?
BCD is levied on the assessed value of goods arriving at India's customs border, ranging from 0 per cent to 100 per cent. It varies based on the product's Harmonized System of Nomenclature (HSN) code and the country of import.
What Is ACD Or Special CVD?
This duty is applied to imported goods to equate them with local and domestic taxes, ensuring fair competition with goods produced within India.
Other Types Of Custom Duties
- Countervailing Duty (CVD): Imposed to offset subsidies provided to producers of imported goods in their home country, creating a level playing field for domestic industries.
- Anti-Dumping Duty: A tariff on imports priced below fair market value to protect domestic industries.
- Education Cess: A 2 per cent charge on the total customs duties, with an additional 1 per cent for higher education in certain cases.
- National Calamity Contingent Duty (NCCD): Levied on harmful products like tobacco and pan masala, ranging from 10 per cent to 45 per cent.
- Safeguard Duty: Applied to protect domestic industries from external competition, based on the extent of loss suffered.
- Protective Duty: Recommended by the Tariff Commissioner to shield local industries from imports.
- Social Welfare Surcharge: A 10 per cent surcharge on the total customs taxes, duties, and cesses imposed.
These measures are expected to support various critical sectors, promote renewable energy, and enhance the competitiveness of domestic industries.
Published at : 23 Jul 2024 01:43 PM (IST)
Tags :
Nirmala Sitharaman Union Budget Business News Budget 2024 Union Budget 2024
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