Import/Export Material Fact Declaration: Union Budget 2025-26

Feb 01, 2025 12:13

India's Union Budget 2025-26 introduces a new provision for importers and exporters to voluntarily declare material facts after goods clearance. Learn more.

Import/Export Material Fact Declaration: Union Budget 2025-26

Photograph: Altaf Hussain/Reuters

New Delhi, Feb 1 (PTI) Finance Minister Nirmala Sitharaman on Saturday announced a new provision for importers, exporters to voluntarily declare material facts after clearance of goods.

The Union Budget 2025-26 also sets a time limit of two years, extendable by a year, for finalising provisional assessment under Customs Act, she added.

The finance minster also said the PM Dhan-Dhaanya Krishi Yojana for developing Agri Districts Programme will cover 100 districts with low productivity.

The government will reduce basic customs duty to 5 pc from 30 pc on fish pasteurii, she added.

Source: PTI By Rediff Money Desk, New Delhi

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