Reduction in Customs Duty

Recognizing the need to encourage the growth of Indian tonnage, the Government has exempted Customs and Excise Duty leviable on bunker fuels, namely IFO 180 CST and IFO 380 CST used in Indian flag vessels for transportation of EXIM and empty containers between two or more ports in India vide notifications No. 31/2014-Customs and No.21/2014-Cetnral Excise, both dated 11.11.2014. the estimated revenue implication of the aforesaid exemptions is ₹ 57 crore in full year.

At present the Government has no proposal under consideration to review existing customs duty rules with regarded to bringing/wearing gold by air passengers coming from foreign country to India.

This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today.