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ARTICLE · 08 FEBRUARY 2022

The GST (Googly, Simplification And Tarrifisation) In Customs

Economic Laws Practice
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The Budget Proposals announced by the Hon'ble Finance Minister include several amendments proposed in the Customs Act, 1962 (‘Customs Act'), Customs Tariff and various Notifications.

IndiaInternational Law
Harsh Shah
Harsh Shah
Ruchita Shah
Ruchita Shah
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The Budget Proposals announced by the Hon'ble Finance Minister include several amendments proposed in the Customs Act, 1962 ('Customs Act'), Customs Tariff and various Notifications. The key Budget proposals for the Customs law can broadly be summarized as those pertaining to Googly, Simplification and Tarrifisation which are explained below, albeit not in the same order.

  • Simplification by omitting unwanted exemptions:
    • The Hon'ble Finance Minister in her Budget Speech of 2020-2021 had emphasized on rationalization of Customs exemptions owing to some of them becoming outdated. A detailed review process in this regard is being undertaken ever since by inviting inputs from various stakeholders, including the public at large. While several such exemptions have been withdrawn till date, after an exhaustive review, further phasing out of around 350 exemption entries has been announced in this year's Budget Speech.

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