New Delhi: Ministry of Finance raised the customs duty on certain products such as wireless mobiles and smartwatches by 10%.
As per the notification issued by Gunjan Kumar Verma, Under Secretary to the Government of India, the customs duties on these products were raised from 10% to 20% including those on Telephone sets, telephones for cellular networks or for other wireless networks.
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As per this notification 10% additional custom duty will be levied on number of products such as Wrist wearable devices (commonly known as smart watches), Optical transport equipment, Combination of one or more of Packet Optical Transport Product or Switch (POTP or POTS), Optical Transport Network (OTN) products, Soft switches and Voice over Internet Protocol (VoIP) equipment, namely, VoIP phones, media gateways, gateway controllers and session border controllers, – Carrier Ethernet Switch, Packet Transport Node (PTN) products, Multiprotocol Label Switching Transport Profile (MPLS-TP) products, Multiple Input/Multiple Output (MIMO) and Long Evolution (LTE) products.
The notification issued by shall be effective from the 12th October 2018.
Reportedly the hike in Customs Duty on products falling under the ‘non-essential’ objects of import has been done in an attempt to stem the fall of rupee.
(With ANI inputs)