InFocus Make In India

Govt. To Rationalize Customs Duty Structure & Procedures for 'Make In India' Boost

Mr. Piyush Goyal said, “The Government has abolished duties on 36 capital goods. A revised system of importing duty-free capital goods and inputs for manufacture and export has been introduced, along with introduction of single point of approval under Section 65 of the Customs Act.

SMEStreet Desk

01 Feb 2019 13:14 IST

New Update

The Government has undertaken rationalization of customs duties and procedures to promote the “Make in India” initiative.

While presenting the Interim Budget 2019-20 in Parliament today, the Union Minister for Finance, Corporate Affairs, Railways & Coal, Mr. Piyush Goyal said, “The Government has abolished duties on 36 capital goods. A revised system of importing duty-free capital goods and inputs for manufacture and export has been introduced, along with introduction of single point of approval under Section 65 of the Customs Act."

Indian Customs is introducing full and comprehensive digitalization of export/import transactions and leveraging RFID technology to improve export logistics, the Minister added.

Budget 2019 Customs Duty Finance Ministry Make In India