Customs Duty Overhaul Likely In Budget FY2027 Amid Push For Trade Deals
The Centre is preparing a major overhaul of India’s customs duty framework in the Union Budget for FY2027, aimed at simplifying import taxation and aligning tariffs with India’s expanding trade ambitions. The government is considering reducing the number of basic customs duty slabs, addressing classification-related disputes, correcting inverted duty structures, and rationalising exemptions. The move comes as India steps up free trade agreement negotiations with several global partners. Officials are also exploring a customs amnesty scheme to clear long-pending disputes, with total outstanding customs arrears estimated at around ₹1.5 lakh crore.
The Centre is preparing a major overhaul of India’s customs duty framework in the Union Budget for FY2027, aimed at simplifying import taxation and aligning tariffs with India’s expanding trade ambitions. The government is considering reducing the number of basic customs duty slabs, addressing classification-related disputes, correcting inverted duty structures, and rationalising exemptions. The move comes as India steps up free trade agreement negotiations with several global partners. Officials are also exploring a customs amnesty scheme to clear long-pending disputes, with total outstanding customs arrears estimated at around ₹1.5 lakh crore.
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