Feb 02, 2023
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.