Overall increases 2.5 to 5% duty on GJ items!
1. The Central Government has taken tariff measures, by way of increase in the basic customs duty, to curb import of certain imported items. These changes aim at narrowing the current account deficit (CAD).
2. In all the customs duty has been increased on 19 items as detailed below:
S. No. | Item | Tariff code (HSN) | Basic customs duty | |
From | To | |||
8 | Non industrial diamond (other than rough diamonds), i.e., cut and polished diamond | 71 | 5 | 7.5 |
9 | Diamonds-semi processed, half cut or broken | 71 | 5 | 7.5 |
10 | Lab grown diamonds | 71 | 5 | 7.5 |
11 | Cut and polished Colored gemstone | 71 | 5 | 7.5 |
12 | Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal | 7113 | 15 | 20 |
13 | Articles of Goldsmith or silversmith wares and parts thereof of precious metal or of metal clad with precious metal | 7114 | 15 | 20 |
- Notifications are being issued today. These changes in rates of basic customs duty (BCD) will be effective from 27.09.2018 (i.e., midnight of 26th September/27th September, 2018)
- The total value of imports of these items in the year 2017-18 was about Rs 86000 Crore.
