Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Government may take steps to increase import duty to cut current account deficit....

Date: 19-09-2018
Subject: Government may take steps to increase import duty to cut current account deficit...
To ease the pressure on the rupee and keep the widening Current Account Deficit (CAD) on check, the finance ministry on September 18 asked ministries to shortlist commodities and goods for import curbs by increasing customs duty, said people familiar with the matter.

“Import duty hike may be considered on specified commodities for a limited period of time to keep CAD under control,” the sources said.

Moneycontrol first reported the finance minister Arun Jaitley’s announcement on September 14, where he said that centre would soon announce curbs on import of non-essential items and other steps aimed at incentivising India’s exports to contain India’s CAD.

India’s current account deficit widened to a four-quarter high at 2.4 percent of gross domestic product (GDP) in the April-June period from 1.9 percent in the January-March quarter of 2017-18. The rising trend in oil prices this year has also sparked concerns about India’s ability to finance its widening CAD.

It is expected that the prime minister's office (PMO) and finance ministry will give the final approval by Friday.

The revenue department will finalise the list of goods for an increase in import duty after getting inputs from different ministries, sources privy to the developments told CNBC-TV18, adding that Central Board of Indirect Taxes and Customs (CBIC) is not in favour of import duty hike on coal, steel and gold.

"Hike in import duty on gold to lead to more smuggling and unnecessary imports,” they added.

The government is likely to spare goods and inputs that may adversely impact 'Make in India' and digital India programmes.

“Import duty hike on inputs for cell phones would go against the make in India programme and digital India, said a government official, adding that telecom ministry is not in favour of Increase in import duty on parts for cell phones.

Meanwhile, talking to CNBCTV18, senior government officials said that the final list will be prepared only after considering the impact such curbs will have on the domestic industry.

Finance ministry will consider any suggestion only after assessing that any hike of levies should not impact the growth in domestic manufacturing, industrial output and GDP.

“Any hike of import duty on gold would lead to more smuggling and unnecessary imports. Similarly, hiking duties on coal would have an adverse impact on power plants,” government officials quoted above said on the condition of anonymity.

Source: moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 15-04-2021
Notification No.43/2021 - Customs (N.T.)
Exchange rates Notification No.43/2021-Cus (NT) dated 15.04.2021

Date: 13-04-2021
Public Notice No. 01/2015-2020
Allocation of additional quantity of 3675.13 MT (raw/refined) sugar to UK under TRQ scheme for the year 2020-21

Date: 12-04-2021
Notification No. 21/2021-Customs (ADD)
Seeks to impose anti-dumping duty on imports of Normal Butanol or N-Butyl alcohol originating in or exported from European Union, Malaysia, Singapore, South Africa and United States of America for a further period of 5 years.

Date: 11-04-2021
Notification No. 01/2015-2020
Amendment in Export Policy of Injection Remdesivir and Remdesivir API.

Date: 09-04-2021
Public Notice No. 53/2015-2020-DGFT
Late cut for MEIS applications for exports made in the Financial Year 2019-20

Date: 08-04-2021
Notification No. 08/2021-Central Excise
Seeks to amend central excise notifications to make changes consequential to enactment of Finance Act, 2021.

Date: 08-04-2021
Notification No. 26/2021 – Customs
Seeks to amend customs notifications to make changes consequential to enactment of Finance Act, 2021.

Date: 07-04-2021
Public Notice No. 52/2015-2020
Change of office address of Regional Authority, Ahmedabad.

Date: 07-04-2021
A.P. (DIR Series) Circular No. 01
External Commercial Borrowings (ECB) Policy – Relaxation in the period of parking of unutilised ECB proceeds in term deposits

Date: 05-04-2021
Notification No. 41/2021-Customs (N.T.)
Seeks to notify Customs (Verification of Identity and Compliance) Regulations, 2021

Exim Guru Copyright © 1999-2021 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001