Budget 2023-24: Customs duty rejig to boost domestic manufacturing

As many as 14 items have seen a jump in import duty to tackle the issue of cheap quality imports of items such as toys

Finance minister Nirmala Sitharaman on Wednesday tweaked the basic Customs duty of 32 items, with the aim to increase domestic manufacturing and enhance value addition.

Rationalisation and simplification of taxes are expected to boost exports.

As many as 14 items have seen a jump in import duty to tackle the issue of cheap imports of items such as toys.

On the other hand, duties have been hiked to encourage local production and value addition in case of mid-range-to-premium automobiles, including electric vehicles (EVs).

Demerit goods such as cigarettes are also expected to become costly.

National Calamity Contingent Duty (NCCD) on