Duty-free import of high-end TVs banned
Posted on: 20/Aug/2013 10:42:59 AM
In its continuing bid to rein in CAD, government on Monday banned duty-free import of high-end flat screen plasma television, which will now attract a levy of 36.05 per cent.
Seeking to end more than a decade-old concession, the Revenue Department issued a notification that amended rules so as to "disallow import of flat panel (LCD/LED/Plasma) television as part of free baggage allowance" with effect from August 26. The notification was tabled in Parliament on Monday.
This would mean travelers bringing in LCD/LED/Plasma TV as part of baggage from August 26 would have to pay customs duty at the rate of 35 per cent, plus an education cess of 3 per cent on it. The effective rate of import duty would be 36.05 per cent.
As the Current Account Deficit (CAD) continued to swell at high proportions in the first four months on the back of surging gold imports, the government last week raised duty on gold, platinum and silver to 10 per cent.
Finance Minister P Chidambaram had also said that steps would be taken to compress import of non-essential goods.
The value of rupee on Monday breached the 63 level.
