Duty hike on imported medical devices to boost manufacturing
The Dollar Business Bureau To encourage domestic manufacturing, the government has increased the rate of basic customs duty levied on the import of certain medical equipment from 5% to 7.5% and imposed special additional customs duty (SAD) of 4% on such items. The duty has been revised on the basis of recommendations of a task force which was constituted to examine various issues concerned with the domestic medical devices sector. “Taking into consideration the recommendations of the task force, the government has increased the rate of basic customs duty on certain specified medical device from 5% to 7.5%. Simultaneously, the exemption from additional customs duty (SAD) on these medical devices has also been withdrawn, and they will now attract 4% ...
Hike in import duty on LED products must to boost Make in India
The Dollar Business Bureau To encourage domestic manufacturing and boost ‘make in India’ initiative, the government must increase import duty on LED (Light Emitting Diode) bulbs and other products, a parliamentary panel has suggested. A report on energy conservation presented by the Parliamentary Standing Committee on power said that the government should take immediate steps to disincentivize the import of finished LED products. “Customs duty and countervailing duty (CVD) on LED lamps and its components should be levied in such a manner that it encourages local production,” the panel said in its report tabled in parliament on Tuesday. At present, the duty on finished LED products is less than that on the import of raw components. And this affects the ...
