Centre Hikes Import Duty On Jet Fuel, ACs, Refrigerators, 16 Other Items

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, including aviation turbine fuel (ATF), and 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, travel bags, and household items such as shower bath, sink, tableware and kitchenware made of plastic..table { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; font-size: 16px; } table th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 18px; } table td:last-child, table th:last-child { border-right: none; } /*Media Query start*/ @media only screen and (max-width: 760px), (min-device-width: 768px) and (max-device-width: 1024px) { /* Force table to not be like tables anymore */ table, thead, tbody, th, td, tr { font-size: 14px; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { body { padding: 0; margin: 0; } table, thead, tbody, th, td, tr { font-size: 14px; } .scroll{ overflow:scroll; } table th { padding: 4px; } table td { padding: 4px; } table th:nth-child(1), table td:nth-child(1), } } /* iPads (portrait and landscape) ----------- */ @media only screen and (min-device-width: 768px) and (max-device-width: 1024px) { body { width: 495px; } } /*Media Query END*/ . 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. (Read: Why crude oil rates have spiked).(With agency inputs)

Centre Hikes Import Duty On Jet Fuel, ACs, Refrigerators, 16 Other Items

Revised customs duty rates to take effect from midnight Move aimed at narrowing current account deficit, cutting capital outflows Nineteen items added Rs 86,000 crore to import bill in 2017-18

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