India hikes import duties as it seeks to curb current account deficit

India on Wednesday raised import tariffs on 18 items and introduced a new tax on jet fuel as it seeks to narrow its current account deficit, which has weighed on the rupee, Asia's worst performing currency this year.

>>Reuters
Published : 27 Sept 2018, 03:23 AM
Updated : 27 Sept 2018, 04:00 AM

The duties are effective from Thursday. The imports concerned were valued at about 860 billion rupees ($11.84 billion) in the last financial year that ended on March 31.

Here is a list of the new tariffs.

SL

Item

Existing

Revised

1

Air conditioners

10

20

2

Household Refrigerators

10

20

3

Washing machines less than 10 Kg

10

20

4

Compressor for air conditioners and refrigerators

7.5

10

5

Speakers

10

15

6

Footwears

20

25

7

Radial Car tyres

10

15

8

Non industrial diamond (other than rough diamonds), i.e., cut and polished diamond

5

7.5

9

Diamonds-semi processed, half cut or broken

5

7.5

10

Lab grown diamonds

5

7.5

11

Cut and polished Colored gemstone

5

7.5

12

Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal

15

20

13

Articles of Goldsmith or silversmith wares and parts thereof of precious metal or of metal clad with precious metal

15

20

14

Bath, shower bath, sink, wash basin, etc. of plastics

10

15

15

Articles of plastics for conveyance and packing such as boxes, case, containers, bottles, insulated ware etc.

10

15

16

Tableware, kitchenware and other household items of plastics

10

15

17

Miscellaneous items of plastics such as office stationery, fitting for furniture’s, decorative sheets, statuettes, beads, bangles etc.

10

15

18

Trunks, Suitcase, Executive cases, Brief Cases, travel bags and other bags etc.

10

15

19

Aviation turbine fuel

0

5