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Union Budget 2022: Top 5 announcements on customs reforms and duty rate changes
Today, Finance Minister Nirmala Sitharaman presented the Union Budget for the years 2022-23 in Parliament (February 1, 2021). In the case of state government employees, the finance minister declared that a tax deduction of up to 14 percent will be permitted on the employer's contribution. In the event that taxpayers fail to record an income, the FM stated that they will be entitled to file an updated ITR for two years from the relevant assessment year.
Unblended fuel
1/5
To encourage the efforts for blending of fuel, unblended fuel shall attract an additional differential excise duty of ` 2/ litre from the 1st day of October 2022.
Duty on umbrellas
2/5
Duty on umbrellas is being raised to 20 per cent.
Customs duty on imitation jewellery
3/5
To disincentivise import of undervalued imitation jewellery, the customs duty on imitation jewellery is being prescribed in a manner that a duty of at least ` 400 per Kg is paid on its import.
Regulatory Framework
4/5
To facilitate export of jewellery through e-commerce, a simplified regulatory framework shall be implemented by June this year.
Customs duty on Gems and Jewellery sector
5/5
To give a boost to the Gems and Jewellery sector, Customs duty on cut and polished diamonds and gemstones is being reduced to 5 per cent.
Simply sawn diamond would attract nil customs duty.
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