Union Budget 2026-27: Major Customs and Excise Reforms Announced

In the Union Budget 2026-27, Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, announced key changes aimed at simplifying customs and excise duties. These include reducing the tariff rate on dutiable goods imported for personal use from 20% to 10%, exempting basic customs duty on 17 drugs for cancer patients, and enhancing the duty deferral period for Authorised Economic Operators. The budget also outlines plans for a warehouse operator-centric system to replace current customs warehousing frameworks, reducing compliance costs and delays.

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