Flying, ACs, Refrigerators To Cost More After Centre Hikes Import Duty
Thursday, September 27, 2018 IST
The government on Wednesday announced hike in duty on 19 import items, with an aim to narrow the current account deficit.
The government on Wednesday announced a hike in customs duty on select items to curb "non-essential imports" and narrow the current account deficit. The move will be applicable to 19 items, such as aviation turbine fuel (ATF), consumer appliances such as television, refrigerator, air conditioner and speakers. The revision in customs duty tariffs - or taxes applicable to imports - will take effect from midnight, an official statement said. The move is in line with the government's aim to bring down non-essential imports to contain the current account deficit and capital outflows.
The total value of imports of these items stood at Rs. 86,000 crore in 2017-18, the Ministry of Finance noted.
The import duty was doubled to 20 per cent on ACs, refrigerators, and washing machines of less than 10 kilograms, according to the official statement.
It also announced hikes to the tune of 50 per cent on basic customs duty applicable to speakers, radial car tyres, trunks/suitcases, and travel bags, and household items such as shower bath, sink, tableware and kitchenware made of plastic.
|
Item |
Basic customs duty |
|
Existing |
Revised |
|
1 |
Air conditioners |
10 |
20 |
|
2 |
Household Refrigerators |
10 |
20 |
|
3 |
Washing machines less than 10 Kg |
10 |
20 |
|
4 |
Compressor for air conditioners and refrigerators |
7.5 |
10 |
|
5 |
Speakers |
10 |
15 |
|
6 |
Footwears |
20 |
25 |
|
7 |
Radial Car tyres |
10 |
15 |
|
8 |
Non industrial diamond (other than rough diamonds), i.e., cut and polished diamond |
5 |
7.5 |
|
9 |
Diamonds-semi processed, half cut or broken |
5 |
7.5 |
|
10 |
Lab grown diamonds |
5 |
7.5 |
|
11 |
Cut and polished Colored gemstone |
5 |
7.5 |
|
12 |
Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal |
15 |
20 |
|
13 |
Articles of Goldsmith or silversmith wares and parts thereof of precious metal or of metal clad with precious metal |
15 |
20 |
|
14 |
Bath, shower bath, sink, wash basin, etc. of plastics |
10 |
15 |
|
15 |
Articles of plastics for conveyance and packing such as boxes, case, containers, bottles, insulated ware etc. |
10 |
15 |
|
16 |
Tableware, kitchenware and other household items of plastics |
10 |
15 |
|
17 |
Miscellaneous items of plastics such as office stationery, fitting for furniture’s, decorative sheets, statuettes, beads, bangles etc. |
10 |
15 |
|
18 |
Trunks, Suitcase, Executive cases, Brief Cases, travel bags and other bags etc. |
10 |
15 |
|
19 |
Aviation turbine fuel |
0 |
5
|
The government introduced a basic customs duty on import of ATF or jet fuel. A basic customs duty of 5 per cent will be applicable on jet fuel, according to the release.
The current account deficit, the difference between inflow and outflow of foreign exchange, widened to 2.4 per cent of GDP in the April-June quarter.
Crude oil prices at new four-year highs along with prevailing weakness in the rupee - which is down more than 13 per cent so far this year - led to widening of the current account deficit.
Related Topics
Trending News & Articles
While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content.
...
Recently posted . 64K views . 1 min read
The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...
Recently posted . 10K views . 1 min read
Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million.
Rahul and his girl friend was th...
Recently posted . 9K views . 7 min read
True – Tr...
Recently posted . 8K views . 83 min read
More in National
• Every train that comes to Goa will have one or two Vistadome coaches, Piyush Goyal said
•
Recently posted. 882 views . 2 min read
The helicopters made several sorties from Gangtok and Sevoke and nearly 100 people, including elderly persons, women, and children, were evacuated from remote vil...
Recently posted. 766 views . 1 min read
Indian Documentary Nominated For Oscars 2019: Speaking about the documentary, Uttarakhand Chief Minister Trivendra Singh Rawat said it will inspire young people to ...
Recently posted. 949 views . 1 min read
Recently posted . 1K views
Recently posted . 1K views
Recently posted . 2K views
Recently posted . 1K views
Recently posted . 4K views . 42 min read
Recently posted . 3K views . 88 min read
A bench of the Allahabad High Court has prohibited photography within 100 metres of the bathing ghats at the Kumbh Mela currently underway in Prayagraj, Uttar Prade...
Recently posted. 964 views . 1 min read
Bareilly: In a frightful accident, at least 22 people were killed and 15 others harmed when a passenger bus collided into a truck and caught fire on National Highwa...
Recently posted. 959 views . 16 min read