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ARTICLE · 29 JULY 2024

Union Budget 2024 – Changes Proposed Or Made In Customs Law Including Tariff Changes

Lakshmikumaran & Sridharan
Lakshmikumaran & Sridharan
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Lakshmikumaran & Sridharan

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India's Finance Minister yesterday (23rd of July) presented Union Budget 2024 with many changes across sectors.

IndiaInternational Law
Lakshmikumaran & Sridharan Attorneys
Lakshmikumaran & Sridharan Attorneys
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India's Finance Minister yesterday (23rd of July) presented Union Budget 2024 with many changes across sectors.

The proposals relating to customs duties, as per the speech of the Finance Minister, intend to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation, while keeping the interest of the general public and consumers surmount.

A comprehensive review of the rate structure is also proposed over the next six months to rationalise and simplify it for ease of trade, removal of duty inversion and reduction of disputes.

Some of the important changes are highlighted below:

  • Section 28 DA of the Customs Act, 1962 is being amended to enable the acceptance of different types of proof of origin provided in trade agreements (FTAs). This will align the said section with trade agreements, which provide for self-certification.

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