The Union Budget 2023-24 might witness a hike in customs duty for dozen of items
- January 30, 2023
For budget 2023-24, the government has decided to hike customs duty on a dozen products across sectors: electronics, steel, industry, and aviation. This is to control non-essential imports and enhance local production. As per the report, products such as private jets, helicopters, plastics, steel products, leather, steel products, and jewelry might get higher duties.
On the contrary, the government is also looking at reducing duty for a few products for smooth imports of raw materials. The justification of import duties is also being anticipated to streamline the inverted duty structure wherein raw materials are levied at a higher rate than the finished goods.
The proposed duty changes are according to the suggestions of multiple administrative departments to the finance ministry.