SCMCube - Key Highlights about Union Budget 2023/24
According to Union Finance Minister Nirmala Sitharaman's speech in Lok Sabha on February 1,2023. There were minor changes in the basic customs duties,cesses and surcharges on some items including Toys, Bicycles, Automobiles and Naphtha. Important Highlights of the Union Budget – 2023 The government also proposed to reduce customs duty on the import of certain inputs for mobile phone manufacturing. Customs duty on parts of open cells of TV panels cut to 2.5%. Basic custom duty on acyclic & cyclic hydrocarbons rationalized to 2.5%. The Union Budget proposed an increase in the basic customs duty on compounded rubber from 10% to 25% or ₹30 per kg, whichever was lower, at par with natural rubber, other than latex. To address the current account deficit (CAD) and surging imports of the yellow metal, the Centre increased the import levy on gold from 10...