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The Union Finance Minister Nirmala Sitharaman introduced the Budget 2024 in the Parliament today.
Nupur Maheshwari, Executive Partner, Lakshmikumaran & Sridharan Attorneys said, “Amendments under the Customs Laws are geared towards ease of doing business, promote domestic manufacturing, support local value addition and increase the competitiveness of the Indian goods in the International market. The rates of customs duties have been significantly reduced on the inputs used in India’s major export sectors such as sea food, leather and textiles (garments and footwear) to provide further fillip to these sectors. Further, export duty on rawhides and skins is being rationalized. To promote ‘make in India’, the customs duties on the inputs used in manufacturing of PCBAs of mobile phones, connectors for manufacture of certain electronics, critical minerals which are used in important and strategic sectors is proposed to be reduced. List of capital goods for use in manufacture of Solar panels in India is proposed to be expanded. The Finance Minister also proposed a phased manufacturing program for manufacture of X-ray tube and flat panel detectors in the medical sector. The time period of re-import and re-export of goods for use in warranty and repairs is proposed to be increased from 6 months to 1 year and 3 years to 5 years respectively”.
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