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The Halwa ceremony, marking the final stage of the Budget preparation process for Interim Union Budget 2024, was held in North Block, today, in the presence of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman and Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad.

A customary Halwa ceremony is performed every year before the “lock-in” process of Budget preparation begins.

Like the previous three full Union Budgets, Interim Union Budget 2024 will also be delivered in paperless form. The Interim Union Budget 2024 is to be presented on 1^st February, 2024.

All the Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution, will available on the “Union Budget Mobile App” for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience. It is bilingual (English & Hindi) and will be available on both Android and iOS platforms. The App can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).

The Budget documents will be available on the Mobile App after the completion of the Budget Speech by the Union Finance Minister in Parliament on 1^st February, 2024.

At the Halwa Ceremony, the Union Finance Minister was also accompanied by Dr. T.V. Somanathan, Finance Secretary & Secretary Expenditure; Shri Ajay Seth, Secretary, Economic Affairs; Shri Tuhin Kanta Pandey, Secretary, DIPAM; Shri Sanjay Malhotra, Secretary, Revenue; Shri Nitin Gupta, Chairman, Central Board for Direct taxes (CBDT); Shri Sanjay Kumar Agarwal, Chairman, Central Board for Indirect Taxes and Customs (CBIC); and Shri Ashish Vachhani, Additional Secretary (Budget), besides others officers and staff of the Ministry of Finance, involved in the Budget preparation and compilation process, were also present on the occasion.

As part of the ceremony, the Union Finance Minister also took a round of the Budget Press and reviewed the preparations besides extending her best wishes to the officials concerned.

Initiative to boost foreign investment flows, unlock growth opportunities and broaden the investor base for Indian companies

Notification No. 8/2024 – Customs (N.T.) 24^th January, 2024

WHEREAS hearable goods of the description as specified in column (3) of Notification 12/2022-Customs dated 1st February 2022 of the Government of India, Ministry of Finance, Department of Revenue (hereinafter referred to as the said notification), falling within the Chapter or heading or sub-heading or tariff item of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as specified in the corresponding entry in column (2) of the table of the said Notification, when imported into India, were exempted from so much of the duty of customs leviable thereon under the said First Schedule as is in excess of the amount calculated at the standard rate as specified in the corresponding entry in column (4) of the said Table of the said notification;

AND WHEREAS, the Notification No. 12/2022-Customs, dated the 1st February, 2022 was amended by the Notification 33/2023-Customs, dated the 27th April, 2023 by inserting a proviso therein, as “Provided that the rate of duty specified in Column (4) against the respective description of goods mentioned in Column (3) of the Table above shall apply even when such goods are presented together in a manner so as to attract the provision of rule 2(a) of the General Rules of Interpretation of the First Schedule of the Customs Tariff Act, 1975, subject to the respective conditions specified in column (5)”;

AND WHEREAS, the Central Government is satisfied that according to the practice that was generally prevalent regarding levy of duty (including non-levy thereof) on the said goods when imported in a manner so as to attract the provision of rule 2(a) of the General Rules of Interpretation of the First Schedule of the Customs Tariff Act, 1975 (51 of 1975), were being imported without the duty being levied or collected during the period commencing on and from 1^st February, 2022 and ending to 27th April, 2023 under the said Notification 12/2022-Customs dated the 1st February, 2022.

NOW, THEREFORE, in exercise of the powers conferred by section 28A of the Customs Act, 1962 (51 of 1962), the Central Government hereby directs that whole of the duty of customs payable on such goods or, as the case may be, the duty in excess of that payable on such goods, during the period from the 1st February, 2022 to 27th April 2023, when imported in a manner so as to attract the provision of rule 2(a) of the General Rules of Interpretation of the First Schedule of the Customs Tariff Act, 1975, but for the said practice, shall not be required to be paid in respect of import of such hearable goods of the description as specified in column (3) of Notification 12/2022-Customs dated 1st February 2022.

Notification No. 7/2024 –Customs (N.T.) dated 24th January, 2024

WHEREAS wearable goods of the description as specified in column (3) of Notification 11/2022-Customs dated 1st February 2022 of the Government of India, Ministry of Finance, Department of Revenue (hereinafter referred to as the said notification), falling within the Chapter or heading or sub-heading or tariff item of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as specified in the corresponding entry in column (2) of the table of the said Notification, when imported into India, were exempted from so much of the duty of customs leviable thereon under the said First Schedule as is in excess of the amount calculated at the standard rate as specified in the corresponding entry in column (4) of the said Table of the said notification;

AND WHEREAS, the Notification No. 11/2022-Customs, dated the 1st February, 2022 was amended by the Notification No. 33/2023-Customs, dated the 27th April, 2023, by inserting a proviso therein, as “Provided that the rate of duty specified in Column (4) against the respective description of goods mentioned in Column (3) of the Table above shall apply even when such goods are presented together in a manner so as to attract the provision of rule 2(a) of the General Rules of Interpretation of the First Schedule of the Customs Tariff Act, 1975, subject to the respective conditions specified in column (5)”;

AND WHEREAS, the Central Government is satisfied that according to the practice that was generally prevalent regarding levy of duty (including non-levy thereof) on the said goods when imported in a manner so as to attract the provision of rule 2(a) of the General Rules of Interpretation of the First Schedule of the Customs Tariff Act, 1975 (51 of 1975), were being imported without the duty being levied or collected during the period commencing on and from 1st February, 2022 and ending to 27th April, 2023 under the said Notification 11/2022-Customs dated the 1st February, 2022.

NOW, THEREFORE, in exercise of the powers conferred by section 28A of the Customs Act, 1962 (51 of 1962), the Central Government hereby directs that whole of the duty of customs payable on such goods or, as the case may be, the duty in excess of that payable on such goods, during the period from the 1st February, 2022 to 27th April 2023, when imported in a manner so as to attract the provision of rule 2(a) of the General Rules of Interpretation of the First Schedule of the Customs Tariff Act, 1975, but for the said practice, shall not be required to be paid in respect of import of such wearable goods of the description as specified in column (3) of Notification 11/2022-Customs dated 1st February 2022.