On February 1st arun jai tliy, India's finance minister, presented his 2018 - 2019 budget proposal to parliament. The proposed increase in tariffs on auto parts, mobile phones, lithium batteries, watches and clocks, toys and other products, as well as a 10 per cent social welfare surcharge on top of the basic tariff, aims to " promote the development of local manufacturing and create more jobs for the country. " the new deal from April 1 onwards.
What are the major affected products?
Mobile phone tax rate increased from 15 % to 20 %;
Some mobile phone accessories ( batteries, chargers, adapters ) tax rate increased from 10 % to 15 %;
Tax rates for some LCD /LED / OLED panels and television components increased from 7.5 % to 10 % to 15 %;
Part of the car parts, including spark ignition engine, compression ignition engine, crankshaft, electric ignition equipment tax rate increased from 7.5 % to 15 %;
Artificial jewelry tax rate increased from 15 % to 20 %;
Part of the beauty products ( perfume, cosmetics, skin care products ) tax rate increased from 10 % to 20 %;
Watch, smart watches, wearable device tax rate increased from 10 % to 20 %;
Sunglasses tax rate increased from 10 % to 20 %;
Footwear tax rate increased from 10 % to 20 %;
Part of the toy tax rate increased from 10 % to 20 %;
Peanut oil, safflower seed oil and other edible oil tax rate rose from 12.5 % to 30 %, refined edible vegetable oil tax rate rose from 20 % to 35 %.
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