ALSO READBudget worries: GST collections fall to lowest in November at Rs 80,808 cr As GST revenues fall, Jaitley to fight evasion with these two weapons 'Less tax, no input credit' plan for small businesses may return soon 66% file sale returns under GST From Hasmukh Adhia to Arvind Subramanian, here's Arun Jaitley's Budget team
Make in India
Finance Secretary Hasmukh Adhia was quoted by news agency PTI on Monday as saying,'"First of all, it (import duty hike) is not for the collection of revenue because the import of these items are not too much and we are not getting too much of revenue. At the most, we will get something like Rs 6,000-7,000 crore on account of extra import duty." He added that the increase in duty was intended to boost domestic manufacturing. However, it wasn't clear how much of the extra 'Rs 60-70 billion' burden will fall on the restaurant sector.
Addressing a post-Budget interactive session organised by PHD Chamber of Commerce and Industry in New Delhi, Central Board of Excise and Customs (CBEC) Chairperson Vanaja Sarna said, "This move is not at all inflationary and it singularly aims at promoting 'Make in India' in items of huge mass needs."