{"id":219018,"date":"2022-12-19T19:40:35","date_gmt":"2022-12-19T14:10:35","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=219018"},"modified":"2022-12-19T19:40:35","modified_gmt":"2022-12-19T14:10:35","slug":"govt-plans-to-raise-duty-on-non-essential-goods","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/govt-plans-to-raise-duty-on-non-essential-goods\/","title":{"rendered":"Govt plans to raise duty on non-essential goods"},"content":{"rendered":"\n

SoGovt plans to raise duty on non-essential goods: <\/b>The post is based on the article<\/span> \u201cGovt plans to raise duty on non-essential goods<\/b>\u201d <\/b>published in <\/span>Indian Express on 19th December 2022<\/b><\/p>\n

What is the News?<\/b><\/h5>\n

The Government of India is planning to regulate imports of \u201cnon-essential items\u201d through hikes in import duties.\u00a0<\/span><\/p>\n

Trade Deficit of India<\/b><\/h5>\n

Trade deficit for April-October 2022 has widened to USD 173.46 billion as against USD 94.16 billion in April-October 2021.<\/span><\/p>\n

To reduce this trade deficit, the government\u2019s policy options are to push exports or disincentive imports. But a poor outlook on global growth means India\u2019s exports will suffer just like most other countries.<\/span><\/p>\n

The other way is to hike duties on imports, particularly those that are not critical and are produced in India. This will keep the deficit down.<\/span><\/p>\n

What is the government doing to address this trade deficit?<\/b><\/h5>\n

The government is planning to <\/span>hike the duties on imports of “non-essential items” to address this widening trade deficit.<\/span><\/p>\n

Non-essential items include those commodities for which there is “enough manufacturing capacity” in the country.<\/span><\/p>\n

To impose these import duties, the Government is looking for ways to separate commodities that come under the same <\/span>Harmonized System of Nomenclature (HSN) code.<\/span><\/a><\/p>\n

An HSN code subsumes a broad sweep of items. All the items under one HSN code are, however, taxed at the same rate.\u00a0<\/span><\/p>\n

But under the current deliberations, the Centre is likely to impose duty only on a few items under a code and not all.<\/span><\/p>\n

For instance, in the case of LED lights, the government may want to levy a higher duty only on the single-wire LED light but not on the LED bulbs. This would require them to segregate the two products. Currently, they come under the same HSN code.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

SoGovt plans to raise duty on non-essential goods: The post is based on the article \u201cGovt plans to raise duty on non-essential goods\u201d published in Indian Express on 19th December 2022 What is the News? The Government of India is planning to regulate imports of \u201cnon-essential items\u201d through hikes in import duties.\u00a0 Trade Deficit of… Continue reading Govt plans to raise duty on non-essential goods<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[10500],"class_list":["post-219018","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704802066},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/219018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=219018"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/219018\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=219018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=219018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=219018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}