CBIC clarifies, appealing Custom Duty Rate surge, on incorrect Tweets
The Central Board of Indirect Taxes and Customs (CBIC) clarifies, incorrect tweets, claiming rise in custom duty rate
By: : Susmita Ghosh
Update: 2022-01-05 05:45 GMT
CBIC clarifies, appealing Custom Duty Rate surge, on incorrect Tweets The Central Board of Indirect Taxes and Customs (CBIC) clarifies, incorrect tweets, claiming rise in custom duty rate CBIC clarified in its recent tweet that factually incorrect tweets claiming the government has increased the rate of duty on imports against specific commodities following the alignment of the Customs...
CBIC clarifies, appealing Custom Duty Rate surge, on incorrect Tweets
The Central Board of Indirect Taxes and Customs (CBIC) clarifies, incorrect tweets, claiming rise in custom duty rate
CBIC clarified in its recent tweet that factually incorrect tweets claiming the government has increased the rate of duty on imports against specific commodities following the alignment of the Customs Tariff with the WTO have been debunked World Customs Organisation (WCO) Harmonized System of Nomenclature (HS)-2022.
The Customs Tariff with effect from Jan. 1, 2022, has been aligned with the Harmonized System of Nomenclature (HS)-2022 of the WCO. Consequently, the First Schedule to the Customs Tariff Act, 1975 has been amended to include new tariff lines or to remove obsolete entries. There have been no changes in the effective rates of duties, as a result of these amendments to the Tariff Schedule.
Standard rates have been prescribed in the Customs Tariff. In many cases, effective rates are prescribed by Government of India notifications.
CBIC has also published guidance documents on its website, help explain changes to the HS codes for commodities.