InvestorQ : Will import duty hikes be a part of the Budget 2021 announcements?
nishi Shah made post

Will import duty hikes be a part of the Budget 2021 announcements?

Answer
image
Radhika Arya answered.
4 months ago
Follow

Media reports suggest that the government plans on raising import duty for two pronged outcomes- this will help encourage and promote local manufacturing and boost the depleting government coffers. Reports suggest that the government plans to raise import duty by 5-10% on more than 50 items including smartphones, electronic components and appliances in the upcoming budget.

The government was seeking to target additional revenue of about 200 billion to 210 billion rupees from the moves, as it looks to shore up revenue amidst the pandemic-driven slowdown that has stung the economy. The list of items likely to attract steeper duties is set to include appliances such as refrigerators and air conditioners too.

0 Views