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Customs Duty Reduced On Telecom Equipment In Positive Move For Telcos

Finance Minister Nirmala Sitharaman has reduced the import duty on telecom equipment, which is believed to be a positive move for telcos. The positive aspect about metals companies is that the import duty on coal, iron ore and copper concentrate has been removed.

The customs duty on footwear and furniture is going to be reduced as well. The government is looking at inverted duty structure under GST.

A hike in customs duty was announced on aluminium scrap. On the other hand, the 2.5 percent import duty on LNG and cess on gas production are removed.

The customs duty mop-up for FY21 is seen at Rs 1.38 lakh crore. The customs duty for platinum and palladium is cut 7.5 percent for certain industrial purposes. The customs duty on the import of food processing products is raised to 100 percent. On the other hand, the customs duty on auto, auto parts is raised by up to 10 percent.

Import of  wood, metal and plastic toys increased to $304 million in 2018-19 from $281.82 million in 2017-18 from China and Hong Kong.

The Commerce ministry in its Budget recommendations to the Finance Ministry had proposed rationalisation of basic customs or import duty on over 300 items from different sectors, including furniture, chemicals, rubber, coated paper and paper boards to encourage domestic manufacturing and protect local players.―Money Control

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