Concessional rates in capital goods, project imports to be phased out gradually
As per recent tweet from PIB, Its proposed in Union Budget 2022-23.
Concessional rates in capital goods, project imports to be phased out gradually
A moderate tariff of 7.5% to be applied, to promote growth of domestic capital goods sector
Certain exemptions for advanced machineries not manufactured within the country will continue
Customs duty on cut and polished diamonds and gemstones is being reduced to 5%
Simply sawn diamond to have nil customs duty
To facilitate export of jewellery through e-commerce, a simplified regulatory framework to be implemented by June this year
Customs duty rates will be calibrated to facilitate domestic manufacturing of wearable devices, hearable devices and electronic smart meters, and to enable domestic manufacturing of high growth Electronic items