Indian Finance minister Nirmala Sitharaman proposed a significant rejig in basic customs duties in Budget 2019. She has introduced the Finance (No.2) Bill, 2019 in Lok Sabha today, that is 5th July 2019 which involves changes in Customs, Central Excise, Service Tax, GST law, and rates have been proposed through the Finance (No.2) Bill, 2019.
It aims to emerge India as an attractive investment destination for companies looking to diversify manufacturing operations from China. The move will give protection to domestic produces. The Indian finance minister Nirmala Sitharaman called Make In India a cherished goal.
Duty increases have been proposed on many products ranging from stainless steel to CCTV cameras to outdoor units of split air-conditioners. Shitharaman also announced a waiver of customs duty for nuclear power and parts required for building eight indigenous atomic energy plants. The exemption has been provided for the defense sector, but it’s limited to goods not manufactured in India.
Pankaj Mohindroo, chairman, India Cellular & Electronics Association, said that the removal of basic customs duties would reduce the capital cost by 7% and improve competitiveness,
Read Here: Basic duty chapter wise