Union Budget Highlights 2020 - Indirect Tax_GSTExpertise Analysis
A. Amendment in Customs Act, 1962
- Custom law is
being amended for enabling verification of imports related to
Preferential Trade Agreements (PTA).
- An electronic
Duty Credit Ledger is being created in the Customs System.
Government is being empowered to make rules & regulations with regard to
PTA under Section 156 and 157 of the Customs Act, 1962 respectively.
- Power to
prohibit import or export of goods for “prevention of injury to the economy of
B. Amendments in Customs Tariff Act, 1975
- Measures for the imposition of Safeguard Duty
and Anti-Dumping Duty, made more comprehensive and wider in scope
C. Imposition of Health Cess on Medical
- Health cess
of 5% is levied on import of various medical.
from cess provided on specified products.
D. Amendments in First Schedule to the Customs
Tariff Act, 1975 effective from 02nd February 2020
- Custom Duty
raised on: Other Furniture and parts, Tableware, kitchenware, water filters and
other household articles, and Hand Drying Apparatus.
Calamity Contingent Duty (NCCD) Excise
Rate rationalization on Cigarettes
F. GST Compliances
of new return regime w.e.f. 01, April 2020, reiterated.
regime proposed to be implemented in a phased manner.
Amendments under GST effective from 01st July, 2020
provisions under the GST law
- No GST to
apply on the transfer of business assets without consideration.
refund of compensation cess due to inverted rate structure on tobacco products.
- Removing the
requirement of issuance of TDS certificate.
penalty provisions extended to intermediaries.
- Extension in
Revocation of cancellation of registration order
- Providing for
option of cancellation of registration to registered person.
the manner of issuance of invoices in case of supply of taxable services.