Attention! Export to India May Need to Pay More Duty
The government has identified more than 350 “non-essential” imports – ranging from toys and textile products to footwear and electronic goods – on which it intends to initiate a host of measures.
According to the reports, India is likely to raise customs duty apart from putting in place quality control orders to reduce shipments into the country and encourage domestic manufacturing.
In addition, departments are looking into suggestions of waiving the requirement of global tender for government procurement in sectors where it thinks there is sufficient domestic capacity to execute a contract, as TOI said.
Several ministries such as textiles, electronics and IT and commerce and industry have been asked to initiate action on the identified list of products.
There is no doubt that the move is going to hit China, and affect lots of traders.
Indian markets are filled with Chinese products, especially in the electronics and toys segments.
It is reported that around 95% of imported toys in India come from China. Besides, 30% of India’s total imports are Chinese electronics.
However, with India looking to reduce imports in these sectors, Chinese products are going to be the most immediate casualty. Therefore, traders who buy Chinese goods for export to India may bear the cost.
SOURCE | Times of India / 搜航网
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