If you fancy imported items such as automobiles, bikes, watches, sunglasses and mobile phones, get ready to pay more for these products.
If you fancy imported items such as automobiles, bikes, watches, sunglasses and mobile phones, get ready to pay more for these products.
In order to push government's Make in India initiative further, Finance Minister Arun Jaitley today hiked duties on a vast list of imported items, including mobile phones, automobiles, gold, diamond, fruit and vegetable juices, and perfumes.
"There is substantial potential for domestic value addition in certain sectors, like food processing, electronics, auto components, footwear and furniture. To further incentivise the domestic value addition and Make in India in some such sectors, I propose to increase customs duty on certain items," Jaitley said in his budget speech for year 2018-19.
"This measure will promote creation of more jobs in the country," he added.
Subsequently, customs duty on completely knocked down (CKD) imports of motor cars and motor cycles has gone up from 10 % to 15 %.
While customs duty on completely build units (CBU) imports of motor vehicles has gone up to 25 % from 20 % earlier making them more expensive.
Imported truck and bus radial tyres will become expensive too with a duty of 15 % now as against 10 % earlier.
Likewise, imported mobile handsets will become costlier as customs duty has been increased from 15 % to 20 % while some of their parts and accessories will now attract a duty of 15 %.
Similarly, imported LCD/ LED/ OLED TV panels and other parts of TVs have been charged customs duty of 15 %.
Perfumes, toilet water and imported beauty and make up preparations will now attract customs duty of 20 % as against 10 % earlier.
Customs duty on wrist watches, pocket watches, smart watches/wearable devices and sunglasses have been doubled to 20 %.Finance Minister also doubled customs duty on cut and polished colored gemstones, diamonds, including lab grown diamonds-semi processed, half-cut or broken, non-industrial diamonds to 5 % from 2.5 % earlier.
Duty on imported footwear and silk fabrics has also been doubled to 20 %.
Customs duty on imported fruit juices has been hiked by up to 40 %.
Imported cranberry juice will now attract customs duty of 50 % from 10 % earlier. Duty on orange fruit juice has gone up from 30 % to 35 % while duty on other fruit and vegetable juice have been increased to 50 % from 30 % earlier.
Customs duty on crude edible vegetable oils like olive oil, groundnut oil has been hiked to 30 % from 12.5 % earlier.
While customs duty on refined edible vegetable oils including oil, groundnut oil has been hiked to 35 % from 20 % earlier.
Imported gold items, including gold plated with platinum, unwrought or in semi-manufactured form will become costlier as there will be a surcharge of 3 % of the aggregate duties of customs from nil earlier.
However, the finance minister has given relief on select items such as imported raw cashew nuts, solar tempered glass raw materials and accessories of cochlear implants.
Customs duty on imported raw cashew nuts has been slashed from 5 % to 2.5 %. Solar tempered glass or solar tempered glass for the manufacture of solar cells/panels/modules will now attract nil duty from 5 % earlier.
Customs duty on raw materials, parts and accessories of cochlear implants has been reduced to nil from 2.5 % earlier.
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