Value limit on duty free import of commercial samples as personal baggage enhanced.
Micro-wave ovens, pre-packaged imported goods, mobile phones, watches, readymade garments, toy baloons, long pepper, replaceable household water filters to be cheaper.
VALUE LIMIT ON DUTY FREE IMPORT OF COMMERCIAL SAMPLES AS PERSONAL BAGGAGE ENHANCED. In the Union Budget 2010-11 presented by Finance Minister Shri Pranab Mukherjee in Lok Sabha on Friday following miscellaneous concessions have been announced:-
• Basic customs duty on one of key components in production of microwave ovens, namely magnetrons, reduced from 10 per cent to 5 per cent.
• Outright exemption from special additional duty provided to goods imported in a pre-packaged form for retail sale. This would also cover mobile phones, watches and ready-made garments even when they are not imported in pre-packaged form. The refund-based exemption is also being retained for cases not covered by the new dispensation.
• Toy balloons fully exempted from central excise duty.
• Reduction in basic customs duty on long pepper from 70 per cent to 30 per cent.
• Reduction in central excise duty on replaceable kits for household type water filters other than those based on RO technology to 4 per cent.
• Reduction in central excise duty on corrugated boxes and cartons from 8 per cent to 4 per cent.
• Reduction in excise duty on goods covered under the Medicinal and Toilet Preparations Act from 16 per cent to 10 per cent.
• Reduction in central excise duty on latex rubber thread from 8 per cent to 4 per cent.
• Full exemption from import duty available to specified inputs or raw materials required for the manufacture of sports goods expanded to cover a few more items.
• Value limit of Rs. 1 lakh per annum on duty-free import of commercial samples as personal baggage enhanced to Rs. 3 lakh per annum.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018