GSTnews item1 February 2023
Finance Minister Nirmala Sitharaman announces rejig in customs duty, details here
News Update
Finance Minister Nirmala Sitharaman announces rejig in customs duty, details here
With promotion of exports and enhancement of domestic manufacturing in focus, Finance Minister Nirmala Sitharaman on Wednesday announced a rejig in custom duties on various commodities and products. The concessional duty on the import of lithium-ion batteries has been extended for a year. The customs duties on dore and bars of gold and platinum were increased earlier this fiscal. FM proposed to increase the duties on articles made therefrom to enhance the duty differential. "I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum," she said. The basic customs duty rate on compounded rubber will be increased from 10% to 25% or Rs 30/kg, whichever is lower, on par with that on natural rubber other than latex, to curb circumvention of duty.
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