http://www.dailypioneer.com/business/now-imported-cars-bikes-cellphones-gold-perfumes-to-be-costlier.html - With the Finance Minister Arun Jaitleyâ€™s Budget 2018 your fancy imported items such as automobiles, bikes, watches, sunglasses and mobile phones, and other related items will burn your pocket and get ready to pay more for these products.
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With the Finance Minister Arun Jaitley’s Budget 2018 your fancy imported items such
as automobiles, bikes, watches, sunglasses and mobile phones, and other related items
will burn your pocket and get ready to pay more for these products.
In order to push Government’s ‘Make in India’ initiative further, Jaitley on Thursday
hiked duties on a vast list of imported items, including mobile phones, automobiles,
gold, diamond, fruit and vegetable juices, and perfumes.
“There is substantial potential for domestic value addition in certain sectors, like food
processing, electronics, auto components, footwear and furniture. To further incentivise
the domestic value addition and ‘Make in India’ in some such sectors, I propose to
increase customs duty on certain items,” Jaitley said in his budget speech for year 2018-
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“This measure will promote creation of more jobs in the country,” he added.
Subsequently, customs duty on completely knocked down (CKD) imports of motor cars
and motor cycles has gone up from 10 per cent to 15 per cent.
While customs duty on completely build units (CBU) imports of motor vehicles has
gone up to 25 per cent from 20 per cent earlier making them more expensive.
Imported truck and bus radial tyres will become expensive too with a duty of 15 per
cent now as against 10 per cent earlier.
Likewise, imported mobile handsets will become costlier as customs duty has been
increased from 15 per cent to 20 per cent while some of their parts and accessories will
now attract duty of 15 per cent.
Similarly, imported LCD/ LED/ OLED TV panels and other parts of TVs have been
charged customs duty of 15 per cent.
Perfumes, toilet water and imported beauty and make up preparations will now attract
customs duty of 20 per cent as against 10 per cent earlier.
Customs duty on wrist watches, pocket watches, smart watches/wearable devices and
sunglasses have been doubled to 20 per cent.
Finance Minister also doubled customs duty on cut and polished coloured gemstones,
diamonds, including lab grown diamonds-semi processed, half-cut or broken, non-
industrial diamonds to 5 per cent from 2.5 per cent earlier.
Duty on imported footwear and silk fabrics has also been doubled to 20 per cent.
Customs duty on imported fruit juices has been hiked by up to 40 per cent. Imported
cranberry juice will now attract customs duty of 50 per cent from 10 per cent earlier.
Duty on orange fruit juice has gone up from 30 per cent to 35 per cent while duty on
other fruit and vegetables juice have been increased to 50 per cent from 30 per cent
Customs duty on crude edible vegetable oils like olive oil, ground nut oil has been hiked
to 30 per cent from 12.5 per cent earlier.
While customs duty on refined edible vegetable oils including oil, ground nut oil has
been hiked to 35 per cent from 20 per cent earlier.
Imported gold items, including gold plated with platinum, unwrought or in semi
manufactured form will become costlier as there will be a surcharge of 3 per cent of the
aggregate duties of customs from nil earlier.