Budget 2023: In an indirect tax relief, Finance Minister Nirmala Sitharaman in the Budget 2023 on Wednesday proposed to reduce the number of basic customs duty rates on goods, other than textiles and agriculture, to 13 from the current 21, to promote exports and boost domestic manufacturing.
During the Budget Speech 2023, she said there will be minor changes in the basic customs duties, cesses and surcharges on some items including toys, bicycles, automobiles and naphtha.
P S Krishnan, partner (tax) at Grant Thornton Bharat, said, “Customs reforms continue to be aimed at Make In India initiative. Continued reduction of duty on part of mobile phones, television sets and reduction in import duty of seeds of LGD etc., are steps in that direction.”
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