MUMBAI: Budget 2018-19 is expected to bring with it a little custom duty rejig. While that’s a good thing for the Make in India initiative, that may not be good news for the products that are imported into the country. That not only stands true for some smartphones like Apple iPhones and Samsung Galaxies, but also on on components such as printed circuit boards, camera modules, and displays that are allowed duty free entry now. According to ET, the custom duty rejig is part of a broader customs revamp, which is also expected to address inverted duty structures finished goods facing lower duty than the inputs that go into them. Contradicting the policy, the ET report also mentions that some tax experts are questioning how effective would this move prove to be considering the free trade agreements offer customs duty exemption. On July 1, 2017, the government imposed basic customs duty on mobile phones at the rate of ten percent and subsequently raised it to 15 percent on December 14, 2017. Indian mobile phone industry is marching towards global competitiveness. It does not seek long-term protection. Short-term disability mitigation is however necessary. The recent spurt in imports esp features phones (after PMP 1/7/2017 notifications) is responsible for this duty increase.”
DRI busts smuggling rackets, seizes 31kg gold
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