In a bid to boost the “Make in India" reform, the finance ministry has hiked the customs duty on mobile phones, and other electronic devices such as televisions, mobile projectors and water heaters.
In a bid to boost the “Make in India” reform, the finance ministry has hiked the customs duty on mobile phones, and other electronic devices such as televisions, mobile projectors and water heaters. Notably, the customs duty on mobile phones has been raised from 10% to 15%. According to a government notification, the customs duty on television sets has been increased to 15 per cent from the existing 10%. Similarly, the duty on monitors and projectors has been doubled to 20%, the notification issued by Department of Revenue in the Ministry said.
For push-button telephones and mobiles, the duty has been raised to 15% from nil, while the duty on water heaters and hair dressing instruments has been doubled to 20%. Customs duty on some other items such as electric filament and discharge lamps has also been tweaked, reported PTI. In October this year, The central government had decided to increase the basic customs duty on polyester fabric to 20%, from 10%.
For the year ending March 2018, the government had budgeted Rs 9.68 trillion revenue collection from customs and GST. After the first major overhaul of the goods and services tax (GST) rates in November this year, wherein the GST Council reduced rates on 210 items, Finance Secretary Hasmukh Adhia says that the government will achieve FY-18 tax revenue target. “We will meet FY-18 tax revenue aims ,if the current rate of GST collection persists,” Hasmukh Adhia told BTVi, adding that the government is done with major rejig for now.
Just last month, Vanaja Sarna the chairperson of Central Board of Excise and Customs (CBEC) had said that GST may hamper government’s revenue collection target. “The revenue collection target from customs and GST, which put together is Rs 9.68 trillion for the current fiscal, seems difficult for the department (to achieve) at the moment, keeping in view the recent GST rollout,” PTI reported Vanaja Sarna as saying.