Central Government in India may increase import taxes on “non-essential items” in response to increasing concerns about a slowdown in exports and a growing trade deficit.
According to media reports, several Government departments are in the process of shortlisting the goods for tariff increases (IE). The list will only include goods for which the nation has “adequate manufacturing capacity.”
In order to impose import duties, the government is also looking for techniques to distinguish between commodity imports which come under the same HSN code. A wide range of items are included under an HSN code.