New Customs Regulations and Agri-Districts Initiative Unveiled

Finance Minister Nirmala Sitharaman announced a new voluntary declaration provision for importers and exporters, a two-year timeline for customs assessments, a plan to boost agricultural productivity in 100 districts, and a reduction in customs duty on fish pasteurii as part of the Union Budget 2025-26.

In a significant announcement, Finance Minister Nirmala Sitharaman revealed a new provision allowing importers and exporters to voluntarily declare material facts post-clearance of goods. This move is aimed at enhancing transparency and efficiency in trade practices.

The Union Budget 2025-26 introduces a critical timeline for the provisional assessment under the Customs Act, mandating a two-year deadline, extendable by an additional year, for finalization. This measure intends to streamline the customs process and provide clarity to stakeholders.

Furthermore, the finance minister addressed agricultural concerns through the PM Dhan-Dhaanya Krishi Yojana. This initiative will target 100 districts identified with low productivity, focusing on developing them into vibrant agri-districts. Additionally, a sharp decline in basic customs duty from 30% to 5% on fish pasteurii was announced to support the related industries.

(With inputs from agencies.)