New Delhi, Feb. 1 -- Presenting the Budget, Finance Minister Nirmala Sitharaman announced a set of indirect tax measures in the Union Budget 2026-27, aimed at further simplifying the tariff structure, supporting domestic manufacturing, promoting export competitiveness, and correcting inversion in duty.

A key element of the Budget proposals is the continued rationalisation of customs duty exemptions.

To continue weeding out long-standing customs duty exemptions, she proposed removing certain exemptions for items manufactured in India or for which imports are negligible.

She proposed to increase the limit for duty-free imports of specified inputs used for processing seafood products for export, from the current 1 per cent to 3 per cent o...