New Delhi: The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley proposed to abolish the Education Cess and Secondary and Higher Education Cess on imported goods, and in its place impose a Social Welfare Surcharge. While presenting the General Budget 2018-19 in Parliament today, Shri Jaitley elaborated that the Social Welfare Surcharge at the rate of 10% of the aggregate duties of Customs, on imported goods, will help provide for Social Welfare Schemes of the Government.
The Finance Minister said that Goods which were hitherto exempt from Education Cesses on imported goods will, however, be exempt from this Surcharge. In addition, certain specified goods (as mentioned in the Annexure 6 to the Budget speech) will attract the proposed Surcharge at the rate of 3% of the aggregate duties of customs only.
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