Page 26 - Plastics News July 2019

FeAtures

The 'All Inclusive'- Budget, In Its Own Way !

The Union Finance Minister has presented the union budget aimed at boosting investment at a time when the
economy is showing signs of slowdown it remains to be seen will it achieve its objective

he Union Finance Minister Nirmala Sitharaman Overall, following items will become costlier and cheaper
Tannounced the Union Budget for the year 2019-20 as a result of Budget 2019-20:
on July 5, 2019 and in her first budget, she has proposed Costlier Items:
hike in customs duty on 75 imported items to give a
push to Make In India programme of the Narendra Modi Petrol and diesel
government. Tariffs were hiked on import of gold, certain Cigarettes, hookah and chewing tobacco
automobile parts and digital camera among other items.
Gold and silver
"Make in India is a cherished goal. In order to provide
domestic industry a level playing field, basic customs Fully-imported cars
duty is being increased on items such as cashew kernels, Split air-conditioners
PVC, Vinyl flooring, tiles, metal fittings, mountings for
furniture, auto parts, certain kinds of synthetic rubbers, Loudspeakers
marble slabs, optical fibre cable, CCTV camera, IP camera, Digital video recorders
digital and network video recorders etc," Sitharaman said.
Imported books
Hike in tariff on import of gold is significant as it is the
first time in six years that customs duty on import of the CCTV cameras
yellow metal has been increased. The previous Narendra Cashew Kernels
Modi government did not hike tariff on gold, a metal which Imported plastics
has a great demand in the country. Now, tariff on import
of gold has been increased from existing 10 per cent to Raw materials for manufacture of soap
12.5 per cent. Soon after Sitharaman's announcement, Vinyl flooring, tiles
gold prices shot up in Delhi by Rs 590 per 10 gram. And,
shares of jewellery giants such Titan and PC Jewellers fell Optical fibre
by about five per cent. India meets its demand for gold Ceramic tiles and wall tiles
almost entirely through import. It is the biggest consumer
of gold after by China. Imported stainless steel products
Imported plastics
Customs duty on stainless steel was hiked to 7.5 per cent
from 5 per cent. Tariff was also hiked on fully-imported Imported auto parts
cars, imported plastics and imported auto parts.
Newsprint and paper for newspaper and magazines
The finance minister also said that 5 per cent customs duty Marble slabs
has been imposed on imported books. However, import
of defence equipment that India does not make has been Mountings for furniture
exempted from customs duty. Cheaper items:

Budget 2019 proposed to impose nominal basic customs Electric vehicle components
duty on tobacco products and crude oil. This has been done
to address the contentions against National Calamity and Camera module and charger of mobile phones
Contingent duty levied on these items. In certain cases, Set top box
this duty is contested on the ground that there is no basic
excise duty on tobacco products and crude oil. Import of defence equipment, not manufactured in India

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