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.

Zee Media Bureau | Feb 01, 2022, 14:02 PM IST

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.

1/5

Unblended fuel

Unblended fuel

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.

2/5

Duty on umbrellas

Duty on umbrellas

Duty on umbrellas is being raised to 20 per cent.

3/5

Customs duty on imitation jewellery

Customs duty on imitation jewellery

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.

4/5

Regulatory Framework

Regulatory Framework

To facilitate export of jewellery through e-commerce, a simplified regulatory framework shall be implemented by June this year.

5/5

Customs duty on Gems and Jewellery sector

Customs duty on Gems and Jewellery sector

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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