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Key Highlights of Union Budget 2016-17 for Import-Export Sector


Added On: 2016-02-29

 Indian finance minister Arun Jaitley presented the Union Budget 2016-17. He said that his government will take steps to support foreign trade sector, especially the export business. He is also believed that his government will undertake 9-point reforms including steps to ensure ease of doing business in fiscal discipline and governance in order to ensure the benefits of people.

 

Will he maintain the world’s spotlight with his import-export economics?? Watch all actions right here…

-> Excise duty on tobacco products increased by 10-15%

-> Customs excise services appellate tribunal will have 11 new benches

-> Branded retail garments will now become costlier as 6% excise on branded retail garments has been proposed in the budget

-> Imitation jewellery will cost more as customs duty has been increased from 10% to 15%

-> Emphasis is given on boosting the rail and road network along with better port connectivity, helping the international trade in the long run

-> Simplifying procedures of doing business under Advance License and Duty Free Import Authorization Schemes

-> Changes in the customs rates on certain products and improvement in the competitiveness of industry in sectors like paperboard & newsprint, chemicals & petrochemicals, mineral fuels & mineral oils, textiles, defence production, capital goods, information technology hardware, will be positive for exporters

-> Changes in the Customs Act will provide for deferred payment of customs duties for exporters and importers with proven record

-> Customs Single Window Project is to be implemented at major airports and ports starting from beginning of next financial year

-> Government is planning to give additional support to exporters in a move to enhance falling overseas shipments

-> Widen and deepen of the duty drawback scheme will cover more products and countries

-> Government is also planning to extend direct port delivery facility to more importers