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Import duty on ACs, fridges, Washing Machines, jewellery, shoes and even tyres will be costlier now

A list of almost 19 imported items will be costlier from now and this includes the essential commodities like Air conditioners, Jewellery, Washing machines, shoes or even radical car tires. The Revenue Department on Wednesday hiked the import duty of 19 items to curb the import of non-essential items.

Last week, Prime Minister chaired a high-level meeting to deal with the unmanageable falling value of Indian currency and pressure on foreign exchange outgo as a result of which it was decided to cut all the non-essential import items and deal with the widening current account deficit.

The import duty of ACs, fridges and washing machines has been hiked from 10 to 20 percent while the import duty on the compressor of ACs and fridges will be raised to 10% from 7.5% in present.

Jewellery items including polished diamond will attract 7.5% import duty rather than 5% in the past and Footwear will bear 25% import duty as against 20% earlier.

Import Duty - Business News - Truecolumn
Import Duty – Business News – Truecolumn

The diamonds attracting higher import duty includes semi-processed, half-cut, large grown diamonds and polished colored gems while jewellery of precious metals will increase from 15% to 20%.

Besides hike in the import duty of the costly items, other miscellaneous items like wash basins, plastic stuff, kitchenware, tableware, office stationery, shower bath and decorative sheets will be hiked for 15% per cent duty as 10% earlier.

 

 

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