India took a decision mid-night Sep 26th 2018 IST to increase the Tariffs on non-essential goods. Govt expects to control the Current Account Deficit (CAD) thru this measure to an extent.
Raised import tariffs include home appliances, shoes, plastics, gemstones, jet fuel etc. What was not seen in it is on the electronic goods such as Mobile Phones. Which seems to be the killer. Off course this is in addition to the already raised Petrol / Diesel prices. More measures to be taken to control downward Rupee valuation which may hit higher before Mar’2019.
Below Notification as is from pib.nic.in
Press Information Bureau
Government of India
Ministry of Finance
26-September-2018 19:00 IST
Tariff measures taken to curb the imports of non-essential items
- The Central Government has taken tariff measures, by way of increase in the basic customs duty, to curb import of certain imported items. These changes aim at narrowing the current account deficit (CAD).
- In all the customs duty has been increased on 19 items as detailed below:
|S. No.||Item||Tariff code (HSN)||Basic customs duty|
|3||Washing machines less than 10 Kg||8450||10||20|
|4||Compressor for air conditioners and refrigerators||8414 30 00 / 8414 80 11||7.5||10|
|5||Speakers||8518 29 00||10||15|
|6||Footwears||6401 to 6405||20||25|
|7||Radial Car tyres||4011 10 10||10||15|
|8||Non industrial diamond (other than rough diamonds), i.e., cut and polished diamond||71||5||7.5|
|9||Diamonds-semi processed, half cut or broken||71||5||7.5|
|10||Lab grown diamonds||71||5||7.5|
|11||Cut and polished Colored gemstone||71||5||7.5|
|12||Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal||7113||15||20|
|13||Articles of Goldsmith or silversmith wares and parts thereof of precious metal or of metal clad with precious metal||7114||15||20|
|14||Bath, shower bath, sink, wash basin, etc. of plastics||3922||10||15|
|15||Articles of plastics for conveyance and packing such as boxes, case, containers, bottles, insulated ware etc.||3923||10||15|
|16||Tableware, kitchenware and other household items of plastics||3924||10||15|
|17||Miscellaneous items of plastics such as office stationery, fitting for furniture’s, decorative sheets, statuettes, beads, bangles etc.||3926||10||15|
|18||Trunks, Suitcase, Executive cases, Brief Cases, travel bags and other bags etc.||4202||10||15|
|19||Aviation turbine fuel||2710 19 20||0||5|
- Notifications are being issued today. These changes in rates of basic customs duty (BCD) will be effective from 27.09.2018 (i.e., midnight of 26th September / 27th September, 2018)
- The total value of imports of these items in the year 2017-18 was about Rs 86000 Crore.
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