The Finance Minister, Nirmala Sitharaman, has announced a 16% increase in the National Calamity Contingent Duty (NCCD) on certain cigarette products.
On the other hand, the government proposed Customs duty exemptions on the import of capital goods and machinery required for lithium-ion batteries. This proposal aims to encourage the import of capital goods and machinery required for the production of lithium-ion batteries, which is a key component in the manufacturing of electric vehicles and energy storage systems.
The increase in customs duty on silver is to bring it in line with the duty imposed on gold and platinum, as part of the government’s efforts to promote the use of locally produced goods and to reduce the trade deficit.
