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TMI BlogEXPLANATORY NOTES (CUSTOMS)-Budget 2007X X X X Extracts X X X X X X X X Extracts X X X X ..... ead with clause 129 of the Finance Bill, 2007 refers). B.2 This Cess will be calculated in the same manner as Education Cess imposed in Budget 2004. The existing Cess of 2% and proposed Cess of 1% are to be excluded while calculating both the Cesses. C. Export Duty: C.1 Export duty has been imposed on: a) Iron ores and concentrates, all sorts @ Rs.300 per tonne. b) Chromium ores and concentrates, all sorts @ Rs.2000 per tonne. For this purpose, the Second Schedule to the Customs Tariff Act, 1975 has been suitably amended. C.2 By virtue of the declaration under the Provisional Collection of Taxes Act, 1931 this levy will come into force with immediate effect (Clause 105 (ii) read with Third Schedule of the Finance Bill, 2007 refers). Chapter 5. 5.1 Customs duty on unworked or simply prepared corals (0508 00 10) has been reduced from 30% to 10%. (S.No. 547 of the notification No. 21/2002-Customs as inserted vide notification No 20/2007-Customs refers). Chapter 13 13.1 Customs duty on dammar batu (1301 90 22) has been reduced from 30% to 20%. (S.No. 548 of the notification No. 21/2002-Customs as inserted vide notification No 20/2007-Customs refers). Chapte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 is being reduced from 10% to 5% which is also the effective rate. (Relevant bill entry refers). 28.2 Customs duty on all other goods falling under this Chapter (except titanium dioxide) has been reduced to 7.5%. (S.No. 552 of notification No. 21/2002-Customs as inserted vide notification No. 20/2007-Customs refers). 28.3 Duty on titanium dioxide will be at 10%. (S.No. 6 of the notification No. 21/2007-Customs refers) 28.4 There is no change in duty on items attracting duty at rates lower than 7.5%. 28.5 Customs duty on borax or boric acid (2810) has been reduced from 10% to 5%. (S.No. 522 of the notification No. 21/2002-Customs as amended vide notification No. 20/2007-Customs refers). 28.6 Customs duty exemption on chemicals falling under Chapter 28 or 29, for use in the manufacture of Centchroman has been withdrawn and they will now attract duty @ 10% or 7.5% as the case may be (S.No. 79 of notification No. 21/2002-Customs omitted vide notification No. 20/2007-Customs refers). Chapter 29. 29.1 Customs duty on all goods (except mannitol, sorbitol and caprolactam) has been reduced to 7.5%. (S.No. 553 of notification No. 21/2002-Customs as inserted vide notification ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dings or tariff items 3801, 3802, 3803 00 00, 3804, 3805, 3806, 3807, 3809 (except 3809 10 00), 3810, 3812, 3816 00 00, 3817, 3821 00 00 and 3824 (except 3824 60) has been reduced to 7.5%. (S.No. 558 of notification No. 21/2002-Customs as inserted vide notification No. 20/2007-Customs refers). 38.2 Duty on items falling under tariff item 3809 10 00 and sub-heading 3824 60 will continue to be at 20%. (S.No. 491 of the notification No. 21/2002-Customs refers). Chapter 39 . 39.1 Customs duty on polymers and copolymers in primary forms falling under headings 3901 to 3907 and 3909 to 3914 and waste parings and scrap of plastics falling under heading 3915 has been reduced to 7.5%. (S.No. 559 of the notification No. 21/2002 Customs as inserted vide notification No. 20/2007-Customs refers). 39.2 The general rate of duty on polyamides in primary forms falling under heading 3908 and all goods falling under headings 3916 to 3926 will be at 10%. (S.No. 18 of notification No. 21/2007-Customs refers). 39.3 Description of goods eligible for concessional rate of 5% customs duty under S.No. 494 of notification No. 21/2002-Customs has been changed to Ethylene vinyl acetate (EVA). (S.No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Customs duty on cut and polished diamonds falling under heading 7102 has been reduced from 5% to 3%. (S.No. 187 of notification No. 21/2002-Customs as amended vide notification No. 20/2007-Customs refers). 71.2 Customs duty on rough synthetic gemstones falling under heading 7104 has been reduced from 12.5% to 5%. (S.No. 561 of notification No. 21/2002-Customs as inserted vide notification No. 20/2007-Customs refers). Chapter 72 72.1 Customs duty on seconds and defectives of iron and steel has been reduced from 20% to 10% (S.No. 330 of notification No 21/2007-Customs refers). Chapters 84 and 85 84.1 Concessional customs duty of 5% on specified plantation machinery, which is valid upto 30.04.07 is being extended by two years i.e. upto 30.04.09. [Clause (b) in the Proviso to the preamble of notification No.21/2002-Customs as amended by notification No. 20/2007-Customs refers.] 84.2 Customs duty on Sprinklers and drip irrigation systems for agricultural horticultural purposes is being reduced from 7.5% to 5%.( S.No. 562 of notification No.21/2002-Customs as inserted vide notification No. 20/2007-Customs). 84.3 Customs duty on Food Processing machinery and their part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.3 Such dredgers will be exempted from additional customs duty of 4% by virtue of S.No 1 of notification No.20/2006-Customs. Chapters 90 to 91 90.1 Customs duty on all goods of headings 9018, 9019, tariff item 9020 00 00, headings 9021 and 9022 has been reduced from 12.5% to 7.5% (S.No.410 of notification No 21/2007-Customs refer.) 90.2 Customs duty on watch dials and watch movements of headings 9108, 9110 and tariff item 9114 30 10 has been reduced from 12.5% to 5% (notification No. 20/2007- Customs inserts S.No. 565 in notification No.21/2002-Customs refer.) Chapter 98 98.1 Digital Cinema development projects are being notified under heading 9801. These projects can now be assessed to customs duty as 'Project Imports'. (Notification No. 30 /2007-Customs 31/2007-customs refer). MISCELLANEOUS M1. Customs duty at concessional rate of 5% has been extended to 15 additional equipment, for use in R D in pharma and bio-technology sectors (notification No 20/2007-Customs amends List 27A of notification No.21/2002-Customs refer.) M2. Customs duty at concessional rate of 5%, with full exemption from additional duty has been extended to import of specified equipme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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