LatestGoods & Service Tax (GST) 9 August 2026
Customs Duty To Fall
Customs duty on most items is expected to fall to single digits by the budget for 2027-28 according to Finance Minister Sitharaman, following earlier reforms in corporate tax, income tax, and the Goods and Service Tax, aiming to simplify the tax structure and promote economic growth, this move is part of the government's efforts to reduce tax complexity and increase competitiveness
Customs duty on most items is expected to fall to single digits by the budget for 2027-28. This move follows earlier reforms in corporate tax, income tax, and the Goods and Service Tax. The key points of this development are:
- Reduction of customs duty to single digits
- Simplification of the tax structure
- Promotion of economic growth
The government aims to reduce tax complexity and increase competitiveness through this move.
Need help understanding this update?
Connect with our domain experts instantly via WhatsApp for customized legal guidance.