Union Budget 2021: Centre may tweak customs duties on several items, say sources – Business News , Firstpost

The authorities may additionally contemplate decreasing customs duties on coal tar pitch and copper scrap, whereas elevating levies on completed items akin to fridges, washing machines and dryers

File picture of Nirmala Sitharaman. PTI

New Delhi: The authorities may tweak customs duties within the Budget subsequent week on several items, together with furnishings uncooked supplies, copper scrap, sure chemical substances, telecom tools and rubber merchandise, to advertise home manufacturing and exports, sources stated.

They stated that whereas import duties could possibly be hiked on over 20 merchandise akin to reduce and polished diamonds, rubber items, leather-based clothes, telecom tools and carpet, the customs duties could possibly be eliminated on choose uncooked supplies (like wooden in tough, swan wooden and hardboard) used for furnishings manufacturing and copper focus.

“Expensive raw materials impact India’s price competitiveness in the international market. The country’s exports of furniture are very low (about one per cent), while countries like China and Vietnam are major players in the sector,” they added.

The authorities may additionally contemplate decreasing customs duties on coal tar pitch, and copper scrap, whereas elevating the levies on sure completed items like fridge, washer and garments dryer, one of many sources stated.

The authorities is already taking steps to spice up home manufacturing such because the introduction of manufacturing-linked incentives scheme (PLI) for several sectors together with air conditioners and LED lights.

Finance minister Nirmala Sitharaman will unveil the Budget 2021-22 on 1 February.

“Tweaking of duties on these goods would help promote self-reliant India campaign and boost domestic manufacturing,” they added.

Last yr, the federal government elevated import taxes on several merchandise akin to furnishings, toys, and footwear.

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