Union Budget 2021: Highlights of Custom Duty Policy

FM Nirmala Sitaraman highlighted the Custom Duty Policy. This would promote domestic manufacturing and the steps taken are as follows:
• cutting duty on copper scrap to 2.5 percent
• looking to bring bylon at par with polyester with respect to taxation
• duty on Naptha reduced to 2.5 percent
• rationalizing customs duties on Gold and Silver
• Duty on shrimp feed in increased to 15% from 5%
• Customs duty on cotton raised to 10% from nil

>> The new Customs Duty structure will be put in place by October 1, 2021.

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