New Delhi: Finance Minister Nirmala Sitharaman on February 1 presented the Budget in the Parliament. She announced a host of changes in custom duty, which will effectively raise or bring down the prices of some essential commodities. On certian chemicals, Import duty has been reduced, on Cut and polished diamonds and gems, custom duty has been reduced to 5 percent. Duty on umbrellas has been raised to 20%.
She further announced an extension of the exemption on implements and tools for the agriculture sector manufactured in India. Customs duty exemption to steel scrap will also be extended.
Sitharaman says that once again they have carried out an extensive consultation. She Said, “In the last two budgets, we have rationalized several customs exemptions. We have once again carried out an extensive consultation, including by crowd sourcing and as a result of these consultations, more than 350 exemption entries are proposed to be gradually phased out. These include exemption on certain agricultural produce, chemicals, fabrics, medical devices and drugs and medicines for which sufficient domestic capacity exists. Further, as a simplification measure, several concessional rates are being incorporated in the Customs Tariff Schedule itself instead of prescribing them through various notifications.”
What’s Cheaper?
Domestic electronic wearable devices, hearable devices and electronic smart meters.
Duty concessions are being given on the parts of mobile phone chargers and camera lens of mobile camera module and certain other items.
Custom Duty On Cut, Polished Gems Stones Reduced to 5%. The diamonds which are simply sawn would attract nil customs duty. To facilitate the export of jewelry through e-commerce, a simplified regulatory framework shall be implemented by June this year, Nirmala Sitharaman said.
Custom Duty on certain chemicals have been reduced. Namely those chemicals are methanol, acetic acid and heavy feedstocks for petroleum.
What’s Costlier?
Duty on umbrellas is being raised to 20 per cent. Exemption to parts of umbrellas is being withdrawn.
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