Micro-wave ovens, mobile phones, watches, readymade garments to cost less

Micro-wave ovens, pre-packaged imported goods, mobile phones, watches, readymade garments, toy baloons, long pepper, replaceable household water filters to be cheaper.

The value limit on duty free import of commercial samples as personal baggage enhanced. In the Union Budget 2010-11 presented by Finance Minister Shri Pranab Mukherjee in Lok Sabha today, following miscellaneous concessions have been announced:-

• Basic customs duty on one of key components in production of microwave ovens, namely magnetrons, reduced from 10% to 5%.
• Outright exemption from special additional duty provided to goods imported in a pre-packaged form for retail sale. This would also cover mobile phones, watches and ready-made garments even when they are not imported in pre-packaged form. The refund-based exemption is also being retained for cases not covered by the new dispensation.
• Toy balloons fully exempted from central excise duty.
• Reduction in basic customs duty on long pepper from 70% to 30%.
• Reduction in central excise duty on replaceable kits for household type water filters other than those based on RO technology to 4%.
• Reduction in central excise duty on corrugated boxes and cartons from 8% to 4%.
• Reduction in excise duty on goods covered under the Medicinal and Toilet Preparations Act from 16% to 10%.
• Reduction in central excise duty on latex rubber thread from 8% to 4%.
• Full exemption from import duty available to specified inputs or raw materials required for the manufacture of sports goods expanded to cover a few more items.
• Value limit of Rs. 1 lakh per annum on duty-free import of commercial samples as personal baggage enhanced to Rs. 3 lakh per annum.

Source : Equity Bulls

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