Government has increased customs duty, TVs, fridges, washing machines, including many items.

On Wednesday, the government increased customs duty on 19 items, including jet fuel, air conditioners, and refrigerators.

The government has increased customs duty on electronics items

New Delhi: The government has increased customs duty on 19 items, including jet fuel, air conditioner, and refrigerators on Wednesday. This increase will be effective from midnight. The government has taken this step to reduce the export of non-essential commodities. The finance ministry said in the statement that the total import bill of these products in the last financial year was Rs 86,000 crore. Other items on which import duty has been increased include washing machine, speaker, radial car tires, jewelry products, kitchen and tableware, some plastic goods and suitcases.

The Central Government has taken tariff measures, by way of increase in the basic customs duty, to curb import of certain imported items. These changes aim at narrowing the current account deficit (CAD).In all the customs duty has been increased on these items: pic.twitter.com/JTAOlMTVsC

— ANI (@ANI) September 26, 2018

The Finance Ministry said, "The central government has initiated duty measures by raising basic customs duty. The objective behind this is to reduce the import of some imported items. These changes will help in limiting the current account deficit (CAD). In total, the import duty on 19 items has been reduced.

Read this also: Petrol and diesel prices today, for the first time in the country, petrol crosses 90 rupees

The import duty on AC, refrigerator and washing machine (less than 10 kg) has been doubled to 20 percent. These changes in import duty will be applicable from midnight on 26-27 September. These measures have been taken to curb the current account deficit and to stop the flow of capital. The difference between the exchange rate and the external flow of foreign currency is called cad. In the April-June quarter of the current financial year, CAD has increased to 2.4 percent of GDP.

If you liked this news then follow our channel to get such news daily.