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Increased Tariff to control Imports in India | EZTax.in

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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

  1. 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).
  2. In all the customs duty has been increased on 19 items as detailed below:
S. No. Item Tariff code (HSN) Basic customs duty
From To
1 Air conditioners 8415 10 20
2 Household Refrigerators 8418 10 20
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
  1. 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)
  2. The total value of imports of these items in the year 2017-18 was about Rs  86000 Crore.

DSM/RM/KA

 

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