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India-UK
India-UK
The first budget of the Modi 3.0 government has indeed paved way for accelerating growth, fostering inclusivity, sustainable development in lines with the Viksit Bharat ambition. The budget brings into light the intention of the government to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation. It has also taken due consideration in ensuring that the economy is not impacted due to present global uncertainties.
The focus of the government is strengthening the global competitiveness of India and boosting the economy by identifying the key momentum to growth through its make in India initiatives such as production linked incentives, attracting foreign investments. The expectation of the industry has always been facilitate trade, digitisation of processes and reduction of disputes. With reduced trade deficit in FY 24, it is clear that the budget has been focusing on its key vision of ‘Make in India.
The below are the key amendments under Customs:
- Trade facilitation: In order to simplify and facilitate trade, the board will now have powers to take such measures or prescribe any procedure or documentation to any person. Earlier such measures were only directed to importers or exporters. Further, articles of foreign origin to be imported into India for repairs subject to their re-exportation within six months extendable to 1 year. Further, the duration for export in the case of aircraft and vessels imported for maintenance, repair and overhauling has been increased from 6 months to 1 year, further extendable by 1 year.
Also, the time-period of duty-free re-import of goods (other than those under export promotion schemes) exported from India under warranty has been increased from 3 years to 5 years, further extendable by 2 years. - Rationalisation of duties: While the Budget has proposed a comprehensive review over the next six months to rationalise and simplify the structure for ease of trade, removal of duty inversion and reduction of disputes certain amendments through this budget in key sectors has proved beneficial for some of the industries.
- Medicine and medical equipment: Relief to cancer patients is provided by fully exempting additional three medicines from custom duties. Further, changes have been proposed in BCD on x-ray tubes & flat panel detectors used in medical x-ray machines under the phased manufacturing programme, to synchronise with domestic capacity addition.
- Solar energy: To support energy transition in India, it is proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels.
- Precious Metals: In order to enhance domestic value addition in gold and precious metal jewellery in the country, it is proposed to reduce customs duties on gold and silver to 6 % (earlier 15%) and that on platinum to 6.4% (earlier 15.4%). Also, AIDC on such metals is proposed to be reduced from 5% to 1%. The India-UAE CEPA Tariff notification is being amended to give effect to these rate changes.
- Electronics: To increase value addition in the domestic electronics industry, it is proposed to remove BCD, subject to conditions, on oxygen free copper for manufacture of resistors. Also exemption on certain parts for manufacture of connectors has been proposed.
- Chemicals and Petrochemicals: To support existing and new capacities in the pipeline, it is proposed to increase the BCD on ammonium nitrate from 7.5 to 10%.
- Telecommunication Equipment: To incentivise domestic manufacturing, it is proposed to increase the BCD from 10 to 15% on PCBA of specified telecom equipment.
- Mobile Phone and Related Parts: To make the products competitive, it is proposed to reduce the BCD on mobile phone, mobile PCBA and mobile charger from 20 % to 15 %.
- To unlock the potential of critical sectors such as nuclear sector, renewable energy, space, defence, telecommunications the budget focusses on exempting customs duties on 25 critical minerals.
- GST compensation cess payable on imports by SEZ units or developers for authorised operations is exempt with effect from 01 July, 2017.
- MOOWR: The scheme which provides for duty deferment had faced several challenges in terms of procedures and interpretation. The, budget has proposed to empower the Central Government to specify certain manufacturing and other operations in relation to a class of goods which shall not be permitted in a warehouse. Although the amendment may propose challenges to specified industries, it is beneficial that a restricted list is duly released to refrain certain sectors from MOOWR to avoid further litigations.
- The requirement of Certificate of Origin to claim preferential rate of duty has been amended as “Proof of Origin”. Hence, even a declaration (self-certification) issued in accordance with the trade agreement requirements would suffice. This amendment has been brought in order to align with the new trade agreements that have been entered in to.
- Powers have been provided to the Central Government to restrict class of goods from operations under MOOWR Scheme.
Conclusion
All in all, optimism about India's economic growth is duly expressed, but with due caution to global uncertainties. The first budget in third tenure of the government has again set expectations for a progressive growth in terms of increased employment opportunities, export competitiveness & promoting the domestic industry. However, the Finance Bill has not addressed few expectations such as amnesty scheme under customs to reduce long pending litigations, digitalisation of appeals process etc.,
This article first appeared in Centaxonline.com on 28 August 2024.