Blog for Custom Duties and Taxes | Cusbuzz

The Finance Bill 2024 has incorporated significantly updates to the Harmonized System of Nomenclature (HSN) codes, with several revised amendments including the omission of some existing HSN codes, bringing in new HSN codes replacements, and the introduction of new independent HSNcodes. These changes are extremely crucial for businesses to ensure compliance, accurate tax calculations with […]

Cement is one of the most essential materials used in construction worldwide. Whether for large infrastructure projects or residential buildings, it is crucial to understand the Cement HSN Code, especially for businesses involved in its trade. Cement falls under Chapter 25 of the HSN system, which is designated for “Salt; Sulphur; Earths and Stone; Plastering Materials, Lime, and Cement.”

The HSN (Harmonized System of Nomenclature) is a globally accepted system for the classification of goods, created by the World Customs Organization (WCO). It serves as a uniform standard to identify products across international borders, simplifying the customs process for countries involved in global trade. Origin of the HSN Code The HSN Code was introduced […]

The Union Budget for the fiscal year 2024-25, presented by Finance Minister Nirmala Sitharaman on July 23, 2024, introduces significant modifications to customs duties. These changes aim to support domestic manufacturing, align with the Atmanirbhar Bharat initiative, and enhance India’s competitiveness in the global market. Below are the detailed updates and their implications. Notifications Enforcing […]

The Union Budget of India for the fiscal year 2024 is set to be presented on 23rd July by Finance Minister Nirmala Sitharaman. This budget is eagerly anticipated by various sectors of the economy, each with high hopes for favorable announcements that will stimulate growth and address prevailing economic challenges. Among the key focus areas, […]

Over the past two decades, the Indian custom duty trend has seen significant shifts in response to changes in the global economy and domestic policies. From liberalization in the 1990s to protectionist measures in recent years, Indian customs duty rates have fluctuated in response to evolving trade dynamics. In the early 2000s, India began reducing […]

You’re probably familiar with the terms “free trade” and “preferential trade”, but do you really know how they work? In this article, we’ll break down the differences between free trade agreements (FTAs) and preferential trade agreements (PTAs).

According to the Bank for International Settlements, between the period of 2012-2020, 51% of above-ground gold was tied up in jewelry.