News dalla rete ITA

20 Marzo 2019

India

INDIA MAY HIKE IMPORT DUTY ON CONSUMER DURABLES AGAIN

According to press reports, the Government of India is mulling another round of duty hike in the consumer durable items. The reports suggest that an increase in the import duty on raw materials used in home appliances like air conditioners (ACs), refrigerators, washing machines and microwave ovens, is highly likely. In September 2018, India’s Ministry of Commerce hiked the customs duty on compressors used in air conditioners and refrigerators to 10% from 7.5%. Furthermore, the duty was increased to 20% from 10% on ACs, refrigerators and washing machines. Trade analysts believe that further increase of import duty might force the prices of final products to go up by 3-5%. Prices of consumer durable items in India have undergone an increase of 8-12% since 2017. The move of the government is viewed as an attempt to curb the widening Current Account Deficit (CAD) which inches toward 3% of the Gross Domestic Product (GDP). India had set a CAD target of 2% of GDP in the last union budget (2018). (ICE NEW DELHI)


Fonte notizia: Business Standard