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HomeBusinessBudget 2022: Preparation to increase or decrease customs duty on many goods,...

Budget 2022: Preparation to increase or decrease customs duty on many goods, indigenous goods will be cheaper

Highlights

  • Preparation for change in custom duty on many goods
  • Announcement about this may happen in the upcoming budget
  • There will be special emphasis on increasing local value addition
  • Custom duty exemption may end on many products

New Delhi
The government is preparing to change the custom duty on many goods to promote local manufacturing in the country. An announcement can be made to make custom duty practical in the upcoming budget. This will make domestic goods cheaper. The government has consulted the concerned parties for this and has also received several memorandums from the industry.

According to Mint, an official told that the budget for FY 2023 will have special emphasis on increasing local value addition and cost competitiveness. An announcement may be made in the budget to reduce the duty on basic raw materials. These include metals whose prices have risen significantly in recent months. Also, exemption on custom duty on many products can be abolished.

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On whom can custom duty end?
Domestic capabilities have improved in several sectors in recent years, necessitating a change in customs duty on products associated with them. Custom duty may be abolished on many intermediates used in manufacturing sectors. Experts say that there is a need to make duties practical across the entire value chain in the budget. This includes from raw materials to intermediates and finished products.

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On the other hand, industry representatives have demanded relief in supplies and equipment used in sectors affected by Corona. They say that air-conditioning equipment, beds, mattresses and furniture used in the hotel industry currently attracts customs duty of 20-25 per cent, which needs to be reduced to 10 per cent. According to experts, the import procedures, especially the Rules of Origin, can be simplified in the budget.

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