India Implemented Comprehensive Adjustment of Tariffs, Import Duties on more than 30 Products Increased by 5%-100%

On February 1, the Minister of Finance of India submitted the budget for the 2021/2022 fiscal year to Parliament. Once the new budget was announced, it attracted attention from all parties.
In this budget, the focus of the adjustment of import tariffs is on electronics and mobile products, steel, chemicals, auto parts, renewable energy, textiles, products manufactured by MSME, and agricultural products that encourage local production. Tariffs on certain auto parts, mobile phone parts and solar panels have been raised for improving the domestic manufacturing.

l The scrap copper tariff is reduced to 2.5%;
l Thee scrap steel Duty-free (until March 31)
l The tariff on naphtha was reduced to 2.5%;
l The basic tariff for newsprint and light coated paper imports has been reduced from 10% to 5%.
l The tariff for solar inverters is increased from 5% to 20%, and the tariff for solar lamps is increased from 5% to 15%;
l Tariffs on gold and silver should be rationalized: the basic tariff on gold and silver is 12.5%. Since the increase in tariffs from 10% in July 2019, the price of precious metals has risen sharply. In order to raise it to the previous level, the tariffs on gold and silver were reduced to 7.5%. Tariffs on other gold mines have been reduced from 11.85% to 6.9%; the yield of silver ingots has risen from 11% to 6.1%; platinum has 12.5% ​​to 10%; the discovery rate of gold and silver has been reduced from 20% to 10%; 10% The precious metal coins fell from 12.5%.
l The import tax on non-alloy, alloy and stainless steel semi-finished products, plates and long products is reduced to 7.5%. In addition, India’s Ministry of Finance is also considering the early cancellation of scrap tariffs, which was originally scheduled to be valid until March 31, 2022.
l The basic tariff (BCD) for nylon sheets, nylon fibers and yarns is reduced to 5%.
l Jewelry and precious stones dropped from 12.5% ​​to 7.5%.

Post time: Feb-23-2021