Breaking NewsCurrent AffairsIndia

Centre increases custom duty on 19 items

Diamonds, gold, refrigerators, footwear, bath soaps, air conditioners to be costlier

New Delhi, Sep 27 (IENews) In a measure to curb imports on certain commodities the Narendra Modi-led NDA government yesterday increased the basic custom duty on 19 items such as diamonds, gold jewellery, refrigerators and footwear. 

Imported products sold in India will now become marginally costlier for the Indian consumer already burdened with escalating price rises on many commodities.

The Finance Ministry said in a statement that the increment in the custom duty was a part of tariff measures, taken to curb import of certain imported items.

These steps would also help in bridging the gap of current account deficit (CAD). New rates would come into effect from midnight tonight and a notification has been issued.

The Ministry said the total value of imports of these items in the year 2017-18 was about Rs 86,000 crore.

The Government has raised the import duty on air-conditioner, household refrigerators and washing machines of less than 10 kg from 10 per cent to 20 per cent, Compressor for air conditioners and refrigerators from 7.5 per cent to 10 per cent, Speakers from 10 per cent to 15 per cent, footwears from 20 to 25 per cent Radial car tyres from 10 to 15 per cent, Non industrial diamond (other than rough diamonds), i.e., cut and polished diamond, Lab grown diamonds, Cut and polished coloured gemstones from 5 to 7.5 per cent.

The import duty on articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal and articles of Goldsmith or silversmith wares and parts thereof of precious metal or of metal clad with precious metal has been raised from 15 per cent to 20 per cent.

The Government has also decided to increase the duty of bath, shower bath, sink, wash basin made of plastics, articles of plastics for conveyance and packing such as boxes, case, containers, bottles, insulated ware, tableware, kitchenware and other household items of plastics, miscellaneous items of plastics such as office stationery, fitting for furniture’s, decorative sheets, statuettes, beads, bangles, trunks, suitcase, executive cases, briefcases, travel bags and other bags from earlier 10 per cent to 15 per cent.

Now, the aviation turbine fuel would also attract an import duty of 5 per cent. Prior to this there was no duty charges on it.

Show More

IENewsDesk

Indian Expose aims to bridge the gap of communication, information and most of news between print and television to make it available online to our readers 24×7, 365 days in a year.

Leave a Reply

Back to top button
Close
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker
%d bloggers like this: