Finance Minister Nirmala Sitharaman, while addressing the Lok Sabha during the Finance Bill debate, announced key reforms in the customs tariff structure aimed at simplifying trade and boosting manufacturing. She stated that the number of customs tariff rates on industrial goods has been significantly reduced from 21 to just 8%, streamlining the tax regime. Additionally, she clarified that cess and surcharge can no longer be arbitrarily imposed on any single item — ensuring greater transparency and predictability.