GSTnews item5 May 2019

Pouring in: Duty hikes in September 2018 fail to check imports

News Update

Pouring in: Duty hikes in September 2018 fail to check imports

Published Date: May 06, 2019
Source: ICAI PD Committee
The government raised basic customs duties on scores of products in September last year to crack down on “non-essential imports” and contain their debilitating impact on current account deficit (CAD), but the move has barely paid off. As many as eight of the 13 product segments witnessed a rise in purchases from overseas since the tariffs went up, according to the Directorate General of Commercial Intelligence and Statistics (DGCIS) data.
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Pouring in: Duty hikes in September 2018 fail to check imports