Finance Act, 2018

Apr 02, 2018 | by Avantis RegTech Legal Research Team

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The Finance Act, 2018 of Parliament has received the assent of the President on March 29, 2018, and has been published for general information of the public.

The Act specifies the rate of income tax, amends Income-tax Act, 1962, Customs Act, 1962, Customs Tariff Act, 1975 and Finance Act, 1994. Social Welfare Surcharge, on the goods specified in the First Schedule to the Customs Tariff Act, 1975 being the goods imported into India, will be charged. The Social Welfare Surcharge on imported goods shall be in addition to any other duties of customs or tax or cess chargeable on such goods, under the Customs Act, 1962 or any other law for the time being in force. Road and Infrastructure Cess will be charged on the goods specified in the Sixth Schedule being the goods imported into India and being the goods manufactured or produced, at the rates specified in the said Schedule for the purpose of financing infrastructure projects.

[NO. 13 OF 2018]



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