INFO:

In Budget 2025, Finance Minister Nirmala Sitharaman proposed significant reforms to India's customs structure aimed at simplifying the tariff system and supporting domestic manufacturing. The proposal includes the removal of seven tariff rates, leaving only eight remaining, including a zero rate. The changes will help address duty inversion, promote exports, and facilitate trade, benefiting common people. Additionally, the government aims to apply appropriate cess to maintain effective duty rates while exempting social welfare surcharge on 82 tariff lines, enhancing ease of doing business and encouraging economic growth.