New Delhi: The government has identified around 97 different products for review of customs duty exemptions. Suggestions are invited from trade and industry bodies in this regard. The Central Board of Indirect Taxes has sought suggestions on August 10. The products identified include fabrics, games/sports accessories, magnetrons for microwave manufacturing, PCB parts, set-up boxes, routers, broadband modems, contraceptives and artificial kidneys.
In the Budget for 2021-22, it had raised import duties on various electronic items including cotton, plastics, leather, gems and jewellery, but reduced duty on some key raw materials like naphtha to reduce the cost of domestic producers. .
This is also expected to help the stimulus package given to automobiles, electronic and technology products and telecom products. The government wants to review over 400 old customs duty exemptions this year and introduce a revised customs duty structure from October.