Import duty hike From footwear to washing machine now pay more for

first_imgA worker arranges food packets inside a retail store in Kolkata.ReutersThe Finance Ministry has decided to hike import duties on 19 non-essential items that include imported ACs, refrigerators, washing machines and others in order to curb widening current account deficit (CAD) and a weakening rupee.The hike in import duties varies from five per cent to 25 per cent and changes in rates are effective from September 27 (Thursday). The aviation fuel attracted five per cent hike. The increase, however, is not expected to increase airfare.As per the revised import duty rate, footwear attracted five per cent hike. Hike imposed on AC, refrigerator, washing machine, household items of plastics (tableware and kitchenware), office stationery and others may see public spending a little money from now. Union Finance Minister, Arun Jaitley.ReutersIt needs to be noted that Finance Minister Arun Jaitley while announcing measures to increase capital inflows and check rupee volatility earlier this month, had said that an extensive policy had been made to cut non-essential imports and boost exports.The move comes against the backdrop of the CAD touching 2.4 percent in the June quarter. The import duty hike is part of one of this policy measures.Following are the 19 items that are slightly expensive from Thursday.ItemItemPresent rate (%)Present rate (%)Revised rate (%)Revised rate (%)ItemAir conditionersPresent rate (%)10Revised rate (%)20ItemHousehold refrigeratorsPresent rate (%)10Revised rate (%)20ItemWashing machines less than 10 KgPresent rate (%)10Revised rate (%)20ItemCompressor for air conditioners and refrigeratorsPresent rate (%)7.5Revised rate (%)10ItemSpeakersPresent rate (%)10Revised rate (%)15ItemFootwearPresent rate (%)20Revised rate (%)25ItemRadial Car TyresPresent rate (%)10Revised rate (%)15ItemNon-industrial diamond (other than rough diamonds), i.e., cut and polished diamondPresent rate (%)5Revised rate (%)7.5ItemDiamonds-semi processed, half cut or brokenPresent rate (%)5Revised rate (%)7.5ItemLab-grown diamondsPresent rate (%)5Revised rate (%)7.5ItemCut and polished Colored gemstonePresent rate (%)5Revised rate (%)7.5ItemArticles of jewellery and parts thereof, of precious metal or of metal clad with precious metalPresent rate (%)15Revised rate (%)20ItemArticles of Goldsmith or silversmith wares and parts thereof of precious metal or of metal clad with precious metalPresent rate (%)15Revised rate (%)20ItemBath, shower bath, sink, wash basin, etc. of plasticsPresent rate (%)10Revised rate (%)15ItemArticles of plastics for conveyance and packing such as boxes, case, containers, bottles, insulated ware etc.Present rate (%)10Revised rate (%)15ItemTableware, kitchenware and other household items of plasticsPresent rate (%)10Revised rate (%)15Itemoffice stationery, fitting for furniture’s, decorative sheets, statuettes, beads, bangles etc.Present rate (%)10Revised rate (%)15ItemTrunks, Suitcase, Executive cases, Brief Cases, travel bags and other bags etc.Present rate (%)10Revised rate (%)15ItemAviation turbine fuelPresent rate (%)0Revised rate (%)5 Washing machines less than 10 Kg1020 Diamonds-semi processed, half cut or broken57.5 Tableware, kitchenware and other household items of plastics1015 Non-industrial diamond (other than rough diamonds), i.e., cut and polished diamond57.5 office stationery, fitting for furniture’s, decorative sheets, statuettes, beads, bangles etc.1015 Radial Car Tyres1015 Articles of Goldsmith or silversmith wares and parts thereof of precious metal or of metal clad with precious metal1520 Trunks, Suitcase, Executive cases, Brief Cases, travel bags and other bags etc.1015 Speakers1015 Cut and polished Colored gemstone57.5 ItemPresent rate (%)Revised rate (%) Bath, shower bath, sink, wash basin, etc. of plastics1015 Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal1520 Air conditioners1020 Lab-grown diamonds57.5 Household refrigerators1020 Footwear2025 Compressor for air conditioners and refrigerators7.510 Articles of plastics for conveyance and packing such as boxes, case, containers, bottles, insulated ware etc.1015 Aviation turbine fuel05last_img

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