(G.N.S) Dt. 27
While making ‘inflation explosion’ before Diwali, the Finance Ministry has announced 19 types of things to increase customs duty from midnight. Import duty on AC, refrigerator, washing machine, jewellery, radial car tyres and aircraft fuels has been increased. In the last financial year, about Rs 86,000 crore of such goods were imported.
The government has taken this step to overcome the problem of increasing current account deficit. With this, these goods sold in the country will become expensive. The finance ministry issued a statement on Wednesday and informed about the increase in custom duty on 19 items.
The finance ministry said that due to the weakness of rupee in international trade against the dollar, import duty on these non-essential items has been increased to reduce potential dependence on the current account deficit and to reduce the dependence on imports. The import duty on which the import duty has been increased or imposed, has been imported in the financial year 2017-18 to 86 thousand crore rupees. In this regard, the notification has been issued and the increase in it will be effective from midnight tonight.
Under this, the increase in the import duty on air-conditioner, domestic refrigerator and less than 10 kg of washing machine from 10 percent to 20 percent, air conditioner and compressor’s duty on compressors from 7.5 percent to 10 percent, increase from 10 percent to 15 percent Increase on footwear from 20 to 25 percent, radial car tyres from 10 percent to 15 percent, non-industrial diamonds except raw diamonds, semi-processed, half area or has been broken diamonds, synthetic diamonds, cut and Polisd 7.5 per cent to five per cent on colored gemstones.
Similarly, the import duty for any other metal, gold or silver utensils from jewelery, gold and other precious metals or precious metal utensils has been increased from 15 percent to 20 percent. Plastic products such as bath, shower bath, sink, wash basin, cans, containers, bottles, tableware, kitchenware and other household products, office stationery, fittings of furniture, decorative products as well as trunk, suitcases, travel bags and other bags etc. But the duty has been increased from 10 percent to 15 percent and for aircraft fuel five percent import duty. There was no charge on them till now.
(G.N.S) Dt. 27