Finance Minister Nirmala Sitharaman on Saturday announced increase in customs duty on imported wall fans, tableware and kitchenware. In Budget 2020-21, Sitharaman also proposed withdrawal of customs duty exemption on raw sugar, agro-animal based products, tuna bait, skimmed milk, certain alcoholic beverages, soya fibre and soya protein.
Customs duty on wall fans increased from 7.5 per cent to 20 per cent, while the same on tableware/kitchenware made of porcelain or China ceramic, clay iron, steel and copper has been doubled to 20 per cent.
Moreover, customs duty on catalytic converters, parts of commercial vehicles, other than electric vehicles, have also been hiked. On the other hand, anti-dumping duty on purified terephthalic acid (PTA), which is used in production of high-performance multipurpose plastics, has been abolished.
The Budget also provided for e-commerce operators to deduct TDS on all payments to e-commerce participants at 1 per cent with PAN/Aadhaar, 5 per cent in non-PAN/Aadhaar.
Meanwhile, the lower income tax rates will apply only those for individuals foregoing exemptions under Section 80C, 80D, LTC, HRA among others.