New Delhi: Finance Minister Nirmala Sitharaman on Sunday, February 1, announced an extension of basic customs duty exemption on capital goods used for manufacturing lithium-ion cells for battery storage in the annual budget for the next financial year.
In her budget speech, she also proposed to exclude the entire value of biogas while calculating excise duty levy on (biogas) blended CNG (compressed natural gas).
“I propose to extend the basic customs duty exemption given to capital goods used for manufacturing lithium-ion cells for batteries. Also, I propose to exempt basic customs duty on import of sodium anti Monet, for use in manufacturing of solar glass,” she said.
It is proposed to provide basic customs duty exemption to the import of capital goods required for the processing of critical minerals in India.
For biogas blended CNG, she said, “I propose to exclude the entire value of biogas while calculating the central excise duty payable on biogas blended CNG.”
She said that the government will develop an integrated East Coast Industrial Corridor with a well-connected node at Durgapur.
About the focus on Poorvodaya states and Northeastern regions, she said, “I propose the development of an integrated east coast industrial corridor with a well-connected node at Durgapur, creation of five tourism destinations in five Poorvodaya states and the provision of 4,000 e-buses, Buddhist sites in the northeastern region.”
Budget proposes to remove exemptions on customs duties on items manufactured in India or have negligible import, she added.
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