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India suddenly raised tariffs on 17 categories of products again, involving a large number of plastic products --- acrylic lens wholesale

by:Eugenia     2022-01-07
India’s Ministry of Finance has notified that import tariffs on 17 commodities will be increased from the 12th of this month. These 17 kinds of commodities include smart watches, telecommunications equipment and so on. The notice shows that tariffs on smart watches and telecommunications equipment have been increased from the current 10% to 20%.   Previously, the Indian Ministry of Finance had increased tariffs on 19 imported goods. The Ministry of Finance of India has decided to increase import tariffs on 19 commodities, including washing machines, air conditioners, diamonds, and aviation fuel, starting September 27. Among them, the import tax rate for air conditioners, refrigerators, and washing machines was increased from 10% by 20%; the import tax rate for aviation fuel was increased from zero to 5%. India’s Ministry of Finance stated that in the 2017-18 fiscal year, India’s total imports of these 19 commodities amounted to 860 billion rupees.   The reason for the two increases in tariffs on imported goods is the same: to reduce the current account deficit and prevent further depreciation of the rupee.   The same as the previous one: almost all of the products whose tariffs have been raised twice in succession are China's main exports to India! !   The most ostensible reason for India’s increase in tariffs is the constant depreciation of the rupee against the U.S. dollar. Since the beginning of the year, the rupee has depreciated against the US dollar by more than 15%. This is attributed to the growing current account deficit and trade deficit in India. Raising tariffs and restricting imports are considered to be more effective means to improve India’s current trade deficit.   However, from a more internal point of view, the Indian government's tax increase is to force relevant import companies to transfer production capacity to India to promote 'Made in India.'  In July, the Indian Ministry of Finance imposed a two-year safeguard tax on imported cells and components. The tax rate is 25% in the first year, 20% in the first half of the following year, and 15% in the second half of the following year. Manish Sharma, CEO of Japan's Panasonic India Company and President of White Goods, said in response to the September 27 tax increase that India's tariff increase will boost 'Made in India' and promote the development momentum of local manufactured products. Develop new production capacity in India.  India announced the increase of import tariffs on 19 kinds of 'non-essential commodities'   On September 26, the Indian government announced the increase of import tariffs on 19 kinds of 'non-essential commoditiesTo reduce the ever-expanding current account deficit to slow down the impact of increased capital outflows on the depreciation of the rupee. Among them, the aviation fuel tariff rate has been increased from zero to 5%, which has caused a certain blow to airlines; the tax rate of diamonds and other gems used in jewelry manufacturing has been increased from 5% to 7.5%; the import tax rate of imported air conditioners, refrigerators and small washing machines has been increased from 10% Doubled to 20%, the price is bound to be more expensive. Tires, speakers, shoes, suitcases, travel bags, and large amounts of plastic-made tableware and kitchen supplies will all face higher tariffs. Acrylic lens wholesale
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