A falling rupee vis-a-vis the US dollar and rising crude oil prices have prompted the government to make your life needs a bit more expensive as it hiked the customs duties on several non-essential items. These include imported washing machines ACs, refrigerators, footwear, radial tyres and aviation turbine fuel — which means costlier air tickets. In total the prices of 19 items have increased due to the the import duty hike which came into effect last midnight. In the case of ACs, refrigerators and washing machines the rate has doubled from 10 to 20 while aviation turbine fuel’s import duty will now be 4 from nil earlier. The Centre is struggling to control the rising current account deficit with the total bill on import of these items was pegged at Rs 86000 crore in the last fiscal year.
Watch the video at https://timesofindia.indiatimes.com/videos/business/import-duty-hiked-washing-machines-acs-refrigerators-flying-to-cost-more/videoshow/65976832.cms#0
SOURCE: Times of India
