FM proposes to do away with tax exemptions on high value life insurance policies
NEW DELHI:
Mobile phones and TV sets manufactured in India would become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in Basic Customs Duty (BCD) on import of their components but smokers would have to pay more as the government has increased taxes.
Fully imported cars, including electric vehicles, and those assembled in India with imported parts will also become costlier with the finance minister increasing customs duty.
Following is a list of imported items that will become costlier:
- Cigarettes
- Kitchen chimney
- Imported bicycles and toys
- Fully imported cars and Electric Vehicles
- Imitation jewellery
- Compounded rubber
- Silver dores
- Naphtha
However, certain goods will become cheaper as the government has slashed the customs duty and these are:
- Domestically-manufactured TV sets
- Shrimp feed
- Fish lipid oil used in manufacturing aquatic feed
- Seeds for lab-grown diamonds
- Capital good
- Machinery for manufacturing lithium ion cell to be used in electric vehicles. PTI
About the Author
