Customs duty rates to be calibrated to provide a graded rate structure.
This will facilitate domestic manufacturing of wearable devices, hearable devices and electronic smart meters.
Duty concessions to parts of transformer of mobile phone chargers and camera lens of mobile camera module and certain other items.
This will enable domestic manufacturing of high growth electronic items.
Gems and Jewellery
Customs duty on cut and polished diamonds and gemstones being reduced to 5 per cent and nil customs duty on simply sawn diamond to give boost to gems and jewellery sector.
A simplified regulatory framework to be implemented by June this year to facilitate export of jewellery through e-commerce.
Customs duty of at least Rs 400 per Kg to be paid on imitation jewellery import to disincentivise import of undervalued imitation jewellery.
Chemicals
Customs duty is being reduced on certain critical chemicals namely methanol, acetic acid and heavy feed stocks for petroleum refining being reduced and being raised on sodium cyanide for which adequate domestic capacity exists. This will help in enhancing domestic value addition.
MSME
Customs duty on umbrellas being raised to 20 per cent. Exemption to parts of umbrellas being withdrawn.
Exemption being rationalised on implements and tools for agri-sector which are manufactured in India
Customs duty exemption given to steel scrap last year extended for another year to provide relief to MSME secondary steel producers
Certain Anti- dumping and CVD on stainless steel and coated steel flat products, bars of alloy steel and high-speed steel are being revoked – to tackle prevailing high prices of metal in larger public interest.
Exports
To incentivise exports, exemptions being provided on items such as embellishment, trimming, fasteners, buttons, zipper, lining material, specified leather, furniture fittings and packaging boxes.
Duty being reduced on certain inputs required for shrimp aquaculture – to promote its exports.
Tariff Measure to Encourage Blending of Fuel
Unblended fuel to attract an additional differential excise duty of Rs 2/ litre from the 1st of October 2022 to encourage blending of fuel.
