With an aim to promote the manufacturing sector of the country, the Union Budget 2019 has proposed significant changes in relation to basic custom duties on various commodities.
The government has recommended customs duty increase on several products, has withdrawn exemption on a few products, and has lowered the rates on specific commodities to promote value addition and to boost domestic manufacturers.
Nirmala Sitharaman, the Finance Minister, has announced exemption of basic customs duty on defence equipment which is not manufactured in India. FM has also proposed to increase the customs duty on various commodities ranging between CCTV cameras and stainless steel to outdoor split air-conditioner units and cameras.
Also Read: Union Budget 2019: 8 Key Takeaways for MSMEs and Startups
FM has also brought down the customs duty on parts which are used in the manufacturing of electric vehicles.
Other budget proposals which are going to boost the ‘Make in India’ initiative include:
Financial experts believe that these measures are going to motivate the ‘Make in India’ initiative and help the government in achieving the goal of doubling Indian GDP (Gross Domestic Product) in the following five years.
Bhavana is a Senior Content Writer handling the GST vertical. She is committed, professional, and has a flair for writing. When away from work, she enjoys watching movies and playing with her son. One thing she can’t resist is SHOPPING! Her favourite quote is: “Luck is what happens when preparation meets opportunity”.
The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…
The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…
Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…
Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…
A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…
Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…