The FAQs document outlines Budget 2025-2026 proposals on indirect taxes, focusing on customs duty rationalisation, exemptions, and amendments to relevant Acts. Key points include reducing tariff rates, exempting certain drugs from BCD, extending exemptions for the shipping industry, promoting handicraft and textile sectors, and adjusting duties on critical minerals and their waste to support domestic industries. The Customs Act, 1962, introduces a two-year time limit for provisional assessments and simplified post-clearance self-assessment procedures. The Central Excise Act, 1944, sees the abolition of the Settlement Commission and creation of Interim Boards for pending cases.
The Complete FAQs can be accessed at: https://a2ztaxcorp.net/wp-content/uploads/2025/02/FAQs-on-Indirect-Taxes-Budget.pdf
