New Delhi [India], Feb 1 (ANI): The government has proposed to raise excise duty by way of National Calamity Contingent Duty on Cigarettes and other tobacco products. The announcement was made in the Union Budget presented by Finance Minister Nirmala Sitharaman on Saturday.
"No change is being made in the duty rates of bidis," Sitharman said during her Budget speech in Parliament.
The Finance Minister further said that customs duty rates are being revised on electric vehicles, and parts of mobiles as part of such carefully conceived Phased Manufacturing Plans.
The Finance Minister said that Union Budget proposes to incorporate suitable provisions in the Customs Act and added that in the coming months, there will be a review of Rules of Origin requirements, particularly for certain sensitive items so as to ensure that Free Trade Agreements (FTAs) are aligned to the conscious direction of our policy.
Sitharaman added that it has been observed that imports under FTAs are on the rise, undue claims of FTA benefits have posed a threat to the domestic industry.
"Such imports require stringent checks", she said. (ANI)