<p>With the Union Budget 2023 fast approaching, all eyes are on Finance Minister Nirmala Sitharaman to see what the finance ministry has in store to help set the Indian economy struck by the Covid pandemic back on track.</p>.<p>As Sitharaman will present the Union Budget on February 1, there are a few terms that hold immense importance in order to get a clear understanding of the Budget.</p>.<p>Customs Duty is a key term associated with the annual exercise. </p>.<p><strong>What is Customs Duty?</strong></p>.<p>Customs duty is, in simple words, the tax levied on imports and exports of goods. The government uses this to raise revenues, regulate the movement of goods and safeguard domestic industries.</p>.<p>The rate of customs duty is either specific or decided based on the value of goods. It keeps varying depending on where the goods are made and what materials they are made of.</p>.<p>The Customs Act of 1962, defines the custom duty in India and all matters related to it that fall under the Central Board of Excise & Customs (CBEC).</p>.<p>The different types of Customs Duty are Basic Customs Duty (BCD), Countervailing Duty (CVD), Additional Customs Duty or Special CVD, Protective Duty, and Anti-dumping Duty. </p>.<p>While revenue is a consideration for Customs duty, it is also levied to protect the domestic industry from foreign competition.</p>.<p><strong>Budgetary allocations for Railways in last four years</strong></p>.<p>The government has been considerate in fund allocation for new lines, gauge conversion and doubling projects and commensurate commissioning of projects in Indian Railways since 2014. The Average Annual Budget allocation for Railway works rose to Rs 26,026 crore per year during 2014-19 from Rs 11,527 crore per year during 2009-14 (This is 126 per cent more than the average annual budget allocation during 2009-14). </p>.<p>The Annual Budget allocation was Rs 39,836 crore in Financial Year 2019-20. It went to Rs 43,626 crore in Financial Year 2020-21 and Rs 56,716 crore for the Financial year 2021-22.</p>.<p>For Financial Year 2022-23, the highest-ever budget outlay of Rs 67,001 crore has been provided for these works, which is 481 per cent more than the average annual budget outlay of 2009-14.</p>.<p>20,628 km sections (3,970 km for the new line, 5,507 km for gauge conversion and 11,151 km for doubling) across Indian Railways during 2014-22 have been commissioned at an average of 2,579 km/year. </p>
<p>With the Union Budget 2023 fast approaching, all eyes are on Finance Minister Nirmala Sitharaman to see what the finance ministry has in store to help set the Indian economy struck by the Covid pandemic back on track.</p>.<p>As Sitharaman will present the Union Budget on February 1, there are a few terms that hold immense importance in order to get a clear understanding of the Budget.</p>.<p>Customs Duty is a key term associated with the annual exercise. </p>.<p><strong>What is Customs Duty?</strong></p>.<p>Customs duty is, in simple words, the tax levied on imports and exports of goods. The government uses this to raise revenues, regulate the movement of goods and safeguard domestic industries.</p>.<p>The rate of customs duty is either specific or decided based on the value of goods. It keeps varying depending on where the goods are made and what materials they are made of.</p>.<p>The Customs Act of 1962, defines the custom duty in India and all matters related to it that fall under the Central Board of Excise & Customs (CBEC).</p>.<p>The different types of Customs Duty are Basic Customs Duty (BCD), Countervailing Duty (CVD), Additional Customs Duty or Special CVD, Protective Duty, and Anti-dumping Duty. </p>.<p>While revenue is a consideration for Customs duty, it is also levied to protect the domestic industry from foreign competition.</p>.<p><strong>Budgetary allocations for Railways in last four years</strong></p>.<p>The government has been considerate in fund allocation for new lines, gauge conversion and doubling projects and commensurate commissioning of projects in Indian Railways since 2014. The Average Annual Budget allocation for Railway works rose to Rs 26,026 crore per year during 2014-19 from Rs 11,527 crore per year during 2009-14 (This is 126 per cent more than the average annual budget allocation during 2009-14). </p>.<p>The Annual Budget allocation was Rs 39,836 crore in Financial Year 2019-20. It went to Rs 43,626 crore in Financial Year 2020-21 and Rs 56,716 crore for the Financial year 2021-22.</p>.<p>For Financial Year 2022-23, the highest-ever budget outlay of Rs 67,001 crore has been provided for these works, which is 481 per cent more than the average annual budget outlay of 2009-14.</p>.<p>20,628 km sections (3,970 km for the new line, 5,507 km for gauge conversion and 11,151 km for doubling) across Indian Railways during 2014-22 have been commissioned at an average of 2,579 km/year. </p>