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Govt raises import duties up to 20% on telecom equipment, components

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The rupee touched a historic low of 74.50 to a dollar in intra-day trade Thursday, before closing at 74.12. This will create opportunities for export from India. As per Export laws, once must obtain IEC code to be eligible for export.

Also the government Thursday enhanced the import duty on specific communication products, for example base stations up to 20 percent as part of efforts to have a look in a widening current account deficit by controlling imports.

That's truly the next kind of import duty increase announced by the government in a little over a fortnight.

Import duty on populated, wealthy or loaded printed circuit boards of products besides mobile phones, base station and optical transport equipments has been raised to 10 percent commission.

Duty has been raised to 20% from 10% for base stations and for machines into the reception, transmission and regeneration or conversion of voice, images or additional information, like switching and routing apparatus Apart from modems, voice frequency telegraphy, digital loop carrier systems and multiplexers,

The CBIC said the Central government was satisfied that the import duty livable on goods falling under Chapter 85 of the First Schedule to the Customs Tariff Act, 1975, should be augmented and that conditions exist which render it necessary to take instant action. 

Chapter 85 deals with electrical machines and equipment, sound recorders, television image recorders and their parts.

The government on September 26 increased the import duty of 19 items, including air conditioners, home refrigerators and washing machines (less than 10 lb ), to 20 percent.

Following a meeting chaired by Prime Minister Narendra Modi, the government had on September 14 announced it could impose curbs on import of non-essential items to incorporate the expanding CAD and scrutinize the rupee's fall.

Before Thursday, a Finance Ministry official had said more steps will be asked to evaluate CAD and anticipated the rupee would like.

"Rupee, Balance of Payments, CAD would be the main worries, we have got strategy set up to take care of scenario. We will do it in the time on these problems," one of the official said.

The obligation on radial car tyres has been raised from 10% to 15% while for cut and polished diamonds, semi-processed diamonds, lab grown diamonds, colored gem stones the import duty was improved from 5% to 7.5 percent.

For more details visit http://dgft.gov.in/  

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Author
Vinay Singh
Vinay Thakur is Managing Partner in Corpseed. He focused on payments, digital transformation, and financial technology for over 15 years and holds strong expertise on fintech startups, banking innovation, and investors with a keen understanding of the trends and activities of startups, banks, and investors in the space.