{"id":1240929,"date":"2022-12-21T08:47:06","date_gmt":"2022-12-21T03:17:06","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1240929"},"modified":"2022-12-21T08:47:48","modified_gmt":"2022-12-21T03:17:48","slug":"import-of-non-essential-items-will-become-expensive-govt-plans-to-increase-import-duty","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/import-of-non-essential-items-will-become-expensive-govt-plans-to-increase-import-duty\/","title":{"rendered":"Import Of Non-Essential Items Will Become Expensive; Govt Plans To Increase Import Duty"},"content":{"rendered":"\n<p>The latest <a href=\"https:\/\/indianexpress.com\/article\/business\/economy\/govt-plans-to-raise-duty-on-non-essential-goods-8331757\/lite\/?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts\">development<\/a> indicates that the government is planning to regulate imports of \u201cnon-essential items\u201d through hikes in import duties as a slowdown in exports is being seen as a cause of concern in the context of a widening trade deficit.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2022\/12\/Untitled-design-3-12-1-1-1-1-1280x720-2-1024x576.jpeg\" alt=\"Import Of Non-Essential Items Will Become Expensive; Govt Plans To Increase Import Duty\" class=\"wp-image-1240933\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2022\/12\/Untitled-design-3-12-1-1-1-1-1280x720-2-1024x576.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2022\/12\/Untitled-design-3-12-1-1-1-1-1280x720-2-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2022\/12\/Untitled-design-3-12-1-1-1-1-1280x720-2-768x432.jpeg 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2022\/12\/Untitled-design-3-12-1-1-1-1-1280x720-2.jpeg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Considering HSN Code&nbsp;<\/strong><\/h2>\n\n\n\n<p>It appears that The economic ministries in the Central government are in the process of carrying out an exercise in which they are selecting a list of items on a granular basis to ensure that the proposed duty hikes are restricted to those items for which there is enough manufacturing capacity in the country.<\/p>\n\n\n\n<p>It will not be considered for other items in the categories that come under the same Harmonized System of Nomenclature (HSN) code.<\/p>\n\n\n\n<p>Pouring more light on the subject, a senior government official said, \u201cWe are looking at non-essential imports for which there is enough manufacturing capacity. It is to identify non-essential items, where there is sufficient production capacity and allow for higher import substitution,\u201d.<\/p>\n\n\n\n<p>So far, HSN codes are seen as subsuming a broad sweep of items even at the six or eight-digit classification levels in the current form.&nbsp;<\/p>\n\n\n\n<p>Simply put, there are different types of materials for bicycle hubs including steel, alloy, ceramics but all bicycle hubs come under the same HSN code.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How Does This Help?<\/strong><\/h2>\n\n\n\n<p>Consider the case when the government is considering a higher import duty only for steel due to excess capacity domesticall.<\/p>\n\n\n\n<p>The official explained that they have to think of ways to separate other materials of bicycle hubs from the HSN category to ensure the higher import duty doesn\u2019t affect them.<\/p>\n\n\n\n<p>For instance, to regulate imports of LED lights, the government may consider levying higher duty only for the single-wire LED light but doesn\u2019t intend to put a higher duty on LED bulbs.&nbsp;<\/p>\n\n\n\n<p>In order to achieve this, the government has to segregate the different types of LED lights to make sure it\u2019s levied only on the types it wants to stop.<\/p>\n\n\n\n<p>The last set of duty hikes across a range of product categories happened in Budget 2022-23 wherein higher custom duties on items of daily use such as umbrellas, headphones, earphones, loudspeakers, smart meters, and imitation jewelry were introduced.&nbsp;<\/p>\n\n\n\n<p>Notably, most of these products were being imported from China, either as complete units or as knocked down units to be assembled in factories in India.<\/p>\n\n\n\n<p>The import duty hikes have been made on several occasions such as on almonds, apples, and others in the span of the last five years.&nbsp;<\/p>\n\n\n\n<p>Besides these, mobile phone parts and solar panels have seen the most regular hikes, in large part to protect and promote the domestic industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The latest development indicates that the government is planning to regulate imports of \u201cnon-essential items\u201d through hikes in import duties as a slowdown in exports is being seen as a cause of concern in the context of a widening trade deficit.&nbsp; Considering HSN Code&nbsp; It appears that The economic ministries in the Central government are [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":1240933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[272,289,288],"class_list":["post-1240929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-gst","tag-import-duty","tag-non-essential-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Import Of Non-Essential Items Will Become Expensive; Govt Plans To Increase Import Duty - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/import-of-non-essential-items-will-become-expensive-govt-plans-to-increase-import-duty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Import Of Non-Essential Items Will Become Expensive; 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