Changes in Customs and Central Excise Duty Rates-Union Budget 2023-2024



Dated: 03.02.23


Changes in Customs and Central Excise Duty Rates-Union Budget 2023-2024


The Union Finance Minister had introduced the Finance Bill, 2023 in Lok Sabha on 01st February 2023. Amendments have been proposed through clauses 123 and 124 of the Bill to the Indian Customs Act, 1962 through clauses 125, 126 & 127 of the Bill of Customs Tariff Act, 1975 and through clause 153 of the Bill to section 136 of the Finance Act, 2001.

The changes proposed through clause 126(a) and clause 153 have been given immediate effect though a declaration under the Provisional Collection of Taxes Act, 1931. Changes have also been proposed in the CGST Act and IGST Act through clauses 128 to 144 of the Bill.  

The other changes will come in effect upon its enactment on the date of assent of the Bill or from the date specified in the Finance bill. 

Source: TRU, Ministry of Finance, Govt of India


Download Below:

TRU Letter-Changes


List of Customs Notifications:

  1. 02/2023-Customs: Seeks to further amend notification No. 50/2017-Customs, dated the 30th June, 2017, so as to revise/provide exemption(s) on the specified goods.
  2. 03/2023-Customs: Seeks to further amend notification No. 11/2021-Customs dated 1st February, 2021, so as to levy/exempt Agriculture and Infrastructure Development Cess (AIDC) on certain items.
  3. 04/2023-Customs: Seeks to further amend notification No. 11/2018-Customs, dated 2nd February, 2018, to revise/provide Social Welfare Surcharge (SWS) exemption(s) on specified goods.
  4. 05/2023-Customs: Seeks to rescind notification Nos. 13/2021-Customs and 34/2022-Customs, related to Social Welfare Surcharge (SWS).
  5. 06/2023-Customs: Seeks to further amend notification Nos. 25/1999-Customs, 25/2002-Customs and 57/2017-Customs related to certain electronic items.
  6. 07/2023-Customs: Seeks to further amend notification No. 230/86-Customs related to Project Import Regulations.
  7. 08/2023-Customs: Seeks to further amend notification No. 22/2022-Customs regarding India-UAE Comprehensive Economic Partnership Agreement.
  8. 09/2023-Customs: Seeks to further amend notification No. 57/2000-Customs which exempts gold, silver and platinum imported under specified schemes.
  9. 10/2023-Customs: Seeks to further amend notification No. 146/94-Customs, dated the 13th July, 1994 to extend the exemption benefit to Warm blood horse for equestrian sports and extend the validity of said notification up to the 31st March, 2028.
  10. 11/2023-Customs: Seeks to amend the notification Nos. 90/2009-Customs, dated the 7th September, 2009,  33/2017-Customs, dated the 30th June, 2017, and 41/2017-Customs, dated the 30th June, 2017 to extend the validity of said notifications up to the 31st March, 2028.
  11. 12/2023-Customs: Seeks to amend 32 notifications in order to provide a specific end date for these notifications.




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The views expressed in the update are strictly personal, based on our understanding of the underlying law. We are not responsible for any injury, loss or cost arising to any person who refers this update and acts or refrains from any act accordingly. We would suggest that a detailed legal advice must be sought before relying on this update.

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