Budget 2018: Govt hikes custom duty on LCD/LED TV
LCD/LED TV sets will become more expensive as the government on Thursday planned to double the custom duty on imported panels to 15 percent from existing 7.5 percent to boost local manufacturing. "I propose to increase customs duty on mobile phones from 15 percent to 20 percent, on some of their parts and accessories to 15 percent, and on certain parts of TVs to 15 percent," Finance Minister Arun Jaitley said in his budget speech. There is consequential potential for domestic value addition in certain sectors, like food processing, electronics, auto components, footwear and furniture, he added. Custom duty on perfumes, dental hygiene, after-shave, deodorants, room deodorizers and preparations for use on hair doubled to 20 pc. Import duty on fruit juice raised from 30 pc to 50 pc. Custom duty on sunglasses, cigarette lighter, toys, bus and truck tyres, select furniture hiked. Custom duty on imitation jewelry hiked from 15 percent to 20 percent doubled on all watches to 20 percent. "This measure will promote the creation of more jobs in the country," Jaitley added. -PTC News
