To discourage cheap imports from China and encourage domestic manufacturing, Customs duty on imitation jewellery has been enhanced from 20 per cent to 25 per cent in the Budget 2023-24 for India.
A slection of measures has been introduced to give a boost to exports and help accelerate growth of manufacturing in the country. The indirect tax simplification and rationalisation has a clear export-oriented focus.
Import Customs duty on articles of precious metals such as gold, silver and platinum has been increased from 20 per cent to 25 per cent.