February 28, 2013

India's 2013/14 budget : Customs Duty

India's 2013/14 budget Updates 

Lady  Passenger

The duty free allowance on jewellery for an Indian passenger, who has been residing abroad for over one year or a person who is transferring residence to India, has been raised to Rs 1 lakh in case of a lady passenger from Rs 50,000 earlier. 

Male  Passenger

For a male passenger, this has been raised to Rs 50,000 from Rs 10,000. 

Moreover, precious stones will become cheaper as the basic customs duty has been cut to 2 per cent from 10 per cent on pre-forms of precious and semi-precious stones.

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