The Union Budget 2024-25, led by Finance Minister Nirmala Sitharaman, is expected to introduce significant changes to Customs rules to address duty anomalies and enhance compliance.
Key measures under consideration include the introduction of electronic bank guarantees (BGs) for importers to curb tax leakages and support domestic manufacturing. The Budget may also retain certain duty exemptions and adjust Customs duty rates, particularly for medical equipment and consumer electronics, to boost the local economy.