Updated By: LatestGKGS Desk
Government hikes custom duty on 19 items including ACs, refrigerators
The Central Government to restrain the import of non-essential goods
The Union Government on September 26, 2018, increased system services 19 items, including jet fuel, ACs, and fridges to curb imports of non-essential goods. The hike was put into effect from midnight of September 26-27.
The hike is aimed at narrowing the Current Account Deficiency. The curbing of non-essential imports is part of the five-pronged steps declared by the government to check the widening Popular Report Deficiency and capital discharges.
The government multiplied the import duty on ACs, house refrigerators and washing machines less than ten kilograms to 20%.
The import duty on speakers and radial car tires were hiked from 10 percent to 15 percent. The import duty imposed on footwear was increased from 20 percent to 25 percent.
The government has also announced an import duty of 5 percent on aviation turbine fuel, earlier it was nil. The other items, on which the import duty was increased, include jewelry items, kitchen and tableware, certain plastic goods and suitcases.
The total value of imports of these items in the last fiscal in 2017-18 was about Rs 86000 crore. The Union Government on September 14, 2018, announced a host of measures to check the rising Current Account Deficit (CAD) and the fall in rupee.
The decisions were taken at a meeting chaired by Prime Minister Narendra Modi in New Delhi to review the state of the economy.
