Page 31 - Plastics News February 2022

FEATURE

MSME: Certain anti-dumping and countervailing leather, furniture fittings, and packaging
The customs tax on umbrellas has been duties on stainless steel and coated steel boxes to encourage exports.
hiked to 20%. Parts of umbrellas that are flat items, alloy steel bars, and high-speed To increase shrimp aquaculture exports,
being discontinued are exempt. steel are being cancelled in order to duties on certain inputs are being cut.
address the current high metal prices in
Exemptions for agri-sector implements Tariff measures to encourage blending
and instruments manufactured in India the public interest. of fuel:
are being rationalised. Exports:
Last year's customs duty exemption for Exemptions are being offered on Unblended petrol would be subject to an
steel scrap was extended for another year embellishment, trimming, fasteners, additional differential excise levy of Rs.
2/ litre beginning October 1, 2022, in
to help MSME secondary steel makers. buttons, zipper, lining material, selected order to incentivise fuel blending.

What Gets Cheaper, What’s Costlier In Budget 2022

“Electronic manufacturing has been
growing rapidly and customs duty
rates are being calibrated to provide a
graded rate structure to facilitate local
manufacturing of wearable devices,
hearable devices, and electronic smart
meters,” the Finance Minister had said
in her speech.
Following is a list of imported items that
will become costlier
• Umbrella
• Imitation Jewellery
• Single or multiple loudspeakers
• Headphones and earphones
• Smart meters
• Solar cells
• Solar modules
• X-ray machines
• Parts of electronic toys
However, certain goods will become
cheaper as the government has slashed
the customs duty and they are:

• Frozen mussels
• Frozen squids
• Asafoetida
From headphones, umbrellas, imitation a rise in prices from April when the • Cocoa beans
jewellery, to cocoa beans, and cut and Budget comes into effect, chargers and • Methyl alcohol
polished diamonds, prices of various cameras for phones, wearable tech like
commodities will see a rise or dip smartwatches, hearing aids, gemstones • Acetic acid
following Budget. and diamonds, farming tools and smart • Cut and polished diamonds
Camera lens for cellular mobile

While imported items, along with meters, steel scraps and chemicals for phone.
umbrellas and unblended fuel will see petroleum refining will get cheaper.

30 PLASTICS NEWS FEBRUARY 2022 31 PLASTICS NEWS FEBRUARY 2022