Govt plans to hike duties; gold, high end cars likely to get costlier: Gold, high end cars, LCDs and LEDs could get costlier in the next 24 hours as government is set to hike the import duties to fight the rupee slide and check the burgeoning Current Account Deficit (CAD). Sources in the Finance Ministry say that there could be hikes in the import duties on gold and silver - gold to the tune of 2 per cent and silver to the tune of 4 per cent.Apart from this an internal committee in the Finance Ministry has submitted a report on import duty hikes and this committee has suggested hiking import duties on high end electronic products such as LCD and LED TVs as well as high end luxury prducts and high end automobiles. The customs notifications on the import of these items would likely be placed in Parliament on Tuesday, Finance Minister P Chidambaram told a press conference hours after he made a statement in both the Houses on measures to contain the CAD at USD 79 billion or 3.7 per cent of the GDP.
Posted on: Tue, 13 Aug 2013 16:09:15 +0000
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