GSTnews item4 February 2018

Customs hike to hit $65 billion imports, may lead to WTO dispute

News Update

Customs hike to hit $65 billion imports, may lead to WTO dispute

Published Date: Feb 05, 2018
Source: ICAI PD Committee
The government's decision to increase import duty on a number of products will impact at least $65 billion worth of imports, and could even land the country in a trade dispute at the World Trade Organisation (WTO), experts say.The Union Budget has proposed higher customs duty on goods including mobile phones, completely or semi-knocked down automobile parts, electronics, capital goods, edible oils, footwear, imitation jewellery and juices, whose imports in the first seven months of this fiscal are valued at more than $38.3 billion. Higher import duties are intended to discourage imports from China and propel the Make in India mission forward, and domestic manufacturers have welcomed them.
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Customs hike to hit $65 billion imports, may lead to WTO dispute