The Indian Ministry of Finance informed From 12th this month to increase the import tariffs of 17 kinds of goods. These 17 products include smart watches, telecom equipment, and more. The notice shows that tariffs on smart watches and telecommunications equipment have increased from the current 10% to 20%.
The Indian Ministry of Finance had already raised tariffs on 19 imported goods. The Indian Ministry of Finance has decided to increase import tariffs on 19 kinds of goods, including washing machines, air conditioners, diamonds and aviation fuel, since September 27. Among them, air-conditioning, refrigerators, washing machines, the import tax rate increased from 10% to 20%, aviation fuel import tax rate from zero to 5%. In fiscal 2017-18, India's imports amounted to 860 billion rupees, the Ministry of Finance said.
Two times the rationale for raising tariffs on imported goods is consistent: to reduce the current account deficit and prevent further devaluation of the rupee.
The same as the previous one is: A succession of two tariff-adjusted goods, almost all of China's main exports of Indian products!! The most superficial reason for India's tariff increase is the weakening of the rupee against the dollar. The rupee has depreciated more than 15% per cent against the dollar since the beginning of the year.
This is attributed to the widening of current account deficits and trade deficits in India. Raising tariffs and restricting imports is seen as a more effective means of improving the current trade deficit in India.
However, judging from the more intrinsic factors, The Indian government raised taxes by forcing the importing companies to shift capacity to India to promote ' Made in India '. In July, the Indian Ministry of Finance imposed a two-year tax on imports of solar cells and components, with a tax rate of 25% for the first year and 20% in the second half of 15%.
Manisharma, chief executive of Japan's Panasonic India Company and president of white goods, said the tax increase for September 27 would boost ' Made in India ', boost the momentum of local manufactures and develop new capacity in India.
India announces increased import tariffs on 19 ' non-essential goods '
September 26, the Indian government announced the increase of 19 kinds of ' non-essential goods ' import duties, September 27 formally entered into force. To reduce the impact of increased capital outflows on the devaluation of the rupee by reducing the widening current account deficit. Among them, the aviation fuel tariff rate increased from zero to 5%, the airline caused a certain blow, diamond and other jewelry for the production of gem tax rate from 5% to 7.5%; imports of air-conditioning, refrigerators and small washing machines import tax rates from 10% to 20%, the price will be more expensive.
Tires, loudspeakers, footwear, travel cases, travelling bags and A large number of plastic tableware and kitchen supplies will face higher tariffs. Specific as follows:
▲ Tariff for the first batch of 19 imported products
The Indian government said in a notice that the total imports of the 19 items in the last fiscal year ending March amounted to about 8, 60 billion rupees (US $11.84 billion).
India's total imports amounted to 4, 59.67 billion rupees in the same period.
The new tax rate could affect exports to India from countries such as China and South Korea, which produce high-end washing machines, refrigerators and air conditioners sold in India.
The affected companies will include the Korean electronics giant Samsung Electronics and LG Electronics, Nike (Nike) and other well-known companies, luggage box maker new beauty and audio equipment manufacturer Bose Corp.
Another thing sellers need to be aware of is: The law of India allows importers not to pay without delivery;
Returns in India are difficult. Before the goods arrive in Hong Kong, the cargo right will be transferred automatically to the consignee's hands after the declaration of manifest of the port of destination. Shipping companies, freight forwarders have no right to take out the goods, want to resell or return, to get the original buyer's authorization.
Some spammers use Indian customs regulations to deliberately default on payments, and so on when customs auctions are bought at low prices.
The risk has risen sharply in the event of economic turmoil and tax reform in India.
Please kindly adhere to the principle of ' non-payment and non-delivery ' as appropriate for recent shipments to India.
Attach a query to India Import Tariff method:
The official website of the Indian Customs is:
Https://www.icegate.gov.in/Webappl/Trade-Guide-on-Imports
1. Select the country and enter the HS code (try the air conditioner product ' 8415 ' for this shot)
2. To view the specific tax rate, click on the larger image to find that the basic tax rate has become 20% India has suddenly raised tariffs on 17 products, involving a large number of plastic products
