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New customs duties in India

In his budget speech, Indian Finance Minister Arun Jaitley announced a change in customs tariffs for various import products. While the duties on certain products have been increased, others are benefitting from a reduction. The new tariffs are already in force.

India is raising custom tariffs for various products
India is raising custom tariffs for various products

The following products have had their customs duties increased:

  • Fruit and vegetable juices (from 30 to 50 percent)
  • Various beauty and hygiene products (from 10 to 20 percent)
  • Accessories for vehicles and motorcycles (from 7.5 or 10 to 15 percent)
  • Footwear (from 10 to 20 percent)
  • Accessories for mobile phones (from 7.5 or 10 to 15 percent)
  • Furniture (from 10 to 20 percent)
  • Watches (from 10 to 20 percent)

Products that have had their customs tariffs reduced include:

  • Bricks, tiles and other ceramic products (from 10 to 7.5 percent)
  • Ball screws, CNC systems (from 7.5 to 2.5 percent)
  • Cashew nuts (from 5 to 2.5 percent)

A detailed overview of the affected product categories, including the custom tariff number, can be found in the download area at the end of this article. 

India remains an attractive export country

Although customs duties have been increased on certain products, India remains a promising country for Swiss SMEs. With a gross domestic product of $ 2.4 trillion (2017), India is the seventh largest economy in the world. Economic growth was 7.7 percent last year. “India has a young population and a burgeoning middle class; this offers a promising outlook,” says Beat Ineichen, consultant for India at Switzerland Global Enterprise. “Purchasing power is growing in India and Swiss products are held in high regard.”

Do you have questions about India? Our ExportHelp Team will be happy to assist you. Get in touch now

Do you want to sound out opportunities in the Indian market without obligation? Then take part in a non-binding consultation session or contact our adviser for India, Beat Ineichen . Get in touch now

 

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