Union Budget 2021-22 Update

The Union Finance Minister presented the Union Budget 2021 and proposed the Finance Bill, 2021 in Lok Sabha on February 1, 2021. Amendments and changes in Customs, Central Excise, GST laws and Rates have been proposed through the Finance Bill, 2021. An overview of post-budget Customs and Central Excise notifications as well as changes to Customs, Central Excise and GST laws are listed below.

Customs Notifications
• February 1, 2021- The Central Government vide notification No. 02/2021 – Customs has amended, notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe effective rate of Basic Customs Duty (BCD). This notification shall come into force on 2nd February, 2021.
Notification Link:
https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2021/cs-nt2021/csnt12-2021.pdf

• February 1, 2021- The Central Government vide notification No. 03/2021 – Customs has amended, notification No. 57/2017-Customs dated 30th June, 2017 so as to prescribe effective BCD rate on IT/Electronics items. This notification shall come into force on 2nd February, 2021.
Notification Link:
https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2021/cs-tarr2021/cs03-2021.pdf

• February 1, 2021- The Central Government vide notification No. 04/2021 – Customs has amended notification No. 25/99-Customs dated 28th February, 1999 so as to withdraw BCD exemption on the specified parts of transformers. This notification shall come into force on 2nd February, 2021.
Notification Link:
https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2021/cs-tarr2021/cs04-2021.pdf

• February 1, 2021- The Central Government vide notification No. 05/2021 – Customs has amended notification No. 24/2005-Customs dated 1st March, 2005 so as to clarify the scope of exemption under entry at S. No. 13S of the said notification. This notification shall come into force on 2nd February, 2021.
Notification Link:
https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2021/cs-tarr2021/cs05-2021.pdf