Customs Duty Update in Union Budget 2023-2024

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In the latest budget speech, the Finance Minister announced a few changes concerning customs duty in India. The following proposals have been made:

The Basic Customs Duty (BCD) on Shea nuts has been decreased to 15%.
The BCD on Graphite, Silicon Dioxide and Silicon Quartz has been decreased to 2.5%.
There will be no BCD on Beryllium, Copper, Nickel, Antimony, Zirconium, Potash, Tungsten, Cadmium, Lithium, Niobium, Tin, Selenium, Silicon, Strontium, Germanium, Rhenium, Hafnium, Bismuth, Molybdenum, Gallium, REE, Indium, Tantalum, Vanadium and Tellurium.
The BCD on mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, and algal prime (flour) for use in the manufacturing of prawn and shrimp feed or fish feed has been reduced to nil subject to IGCR condition.
There will be no BCD on Artemia and Artemia cysts. It will also not be levied thailand phone number list on pre-dust breaded powder when used in processing seafood.

The BCD on insect meal used in R&D for aquatic feed manufacturing and that on Single Cell Protein from Natural Gas and SPF Polychaete worms has been reduced to 5%.
The BCD levied on textiles and leather items has been reduced. Exemptions on certain kinds of textiles and leather items have been extended for manufacturing garments and shoes for export.
The BCD on mobile phones, chargers, and adapters has also been slashed.
The BCD on precious metals such as gold, silver, platinum, and palladium has been reduced.
There will be no BCD on Ferro-Nickel and Blister Copper.
The exemption on Ferrous Scrap will continue, and so will the concessional BCD rate on Copper scrap.
The BCD on Ammonium Nitrate has increased by 2.5% to 10%.