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Thursday
October 2020
2:39 PM IST
News Headlines
Liverpool midfielder Thiago Alcantara contracts COVID-19        Delhi Capitals skipper Shreyas Iyer fined Rs 12 lakh for slow over-rate        Serena Williams pulls out of French Open with hurt Achilles        Markets mixed after Trump-Biden debate; data lifts China        Govt opening up economy for greater pvt sector participation: Goyal        Maldives thanks India for $250 million support amid COVID-19 pandemic        Pak opens all educational institutions, six months after closure due to COVID-19        Trump urges supporters to watch ballots very carefully        Waiting eagerly for CBI probe outcome in Sushant case:Minister        NHRC notice to UP govt, state police chief over gang rape of Dalit woman        Cong will celebrate Diwali with people after bypolls: Kamal Nath        India's COVID-19 caseload races past 62 lakh, recoveries surge to 51,87,825        All 32 accused in Babri demolition case acquitted; court clears Advani, Joshi of conspiracy charge        Amnesty International halts operations in India        COVID-19:All party meet in Kerala decides to adhere to health protocol strictly,rules out lockdown        Kerala reports 7354 new COVID-19 cases,22 deaths        Tensions mount as Armenia, Azerbaijan continue fighting        Kuwaiti ruler Sheikh Sabah has died at 91        IPL 2020: SRH beat DC by 15 runs runs, register 1st win of season        Djokovic drops only 5 games        
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Business News
FM proposes to hike customs duty on imported electric vehicles
 
New Delhi, Feb 1 (PTI) Imported electric vehicles are set to become costlier as Finance Minister Nirmala Sitharaman on Saturday announced an increase in customs duty on various kinds of such vehicles as the government pushes to promote local production.

"Under 'Make in India' initiative, well laid-out customs duty rates were pre-announced for items like mobile phones, electric vehicles and their components. This has ensured gradual increase in domestic value addition capacity in India," Sitharaman said while presenting Budget 2020-21.

Customs duty rates are being revised on electric vehicles (EVs), and parts of mobiles as part of such carefully conceived phased manufacturing plans, she added.

To push local manufacturing in the EV segment, the government has increased customs duty on imported completely built units (CBUs) of commercial EVs to 40 per cent with effect from April 1, 2020, from 25 per cent currently.

The finance minister also proposed to enhance customs duty on semi knocked-down (SKD) forms of passenger EVs from 15 per cent to 30 per cent.

Similarly, the government has proposed to hike customs duty on SKD forms of electric buses, trucks and two-wheelers to 25 per cent from 15 per cent currently, with effect from April 1, 2020.

Besides, the customs duty on completely knocked-down (CKD) forms of passenger EVs, three-wheelers, two-wheelers, bus and trucks has been proposed to go up to 15 per cent from the current 10 per cent.

With the government pushing for green mobility, various car makers have launched EVs in the country in the past few years. Besides, Tata Motors, Mahindra & Mahindra, Hyundai Motor and MG Motor India have also introduced electric models.

Similarly, companies like Mercedes-Benz, Audi and JLR are also gearing up to introduce electric models in the country. With enhanced customs duty on SKD forms, such vehicles are expected to cost more.

Sitharaman also proposed to increase customs duty on CBUs of traditional commercial vehicles from 30 per cent to 40 per cent.

The government also proposed to increase customs duty from 5 per cent to 7.5 per cent on parts used to manufacture catalytic converters.


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Rupee drops 13 paise to 73.73 against US dollar in early trade
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KERALA NEWS
Kerala reports 7354 new COVID-19 cases,22 deaths
 Thiruvananthapuram: Kerala on Tuesday again registered a spike in new COVID-19 cases reporting 7,354  
COVID-19 tally in Kerala racing towards 1.50 lakh mark
Take steps to attach properties of pvt financial institution; HC to govt
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INTERNATIONAL NEWS
Maldives thanks India for $250 million support amid COVID-19 pandemic
 United Nations, Sep 30 (PTI) The Maldives has thanked India for the financial assistance of USD 250
Pak opens all educational institutions, six months after closure due to COVID-19
Trump urges supporters to watch ballots very carefully
Tensions mount as Armenia, Azerbaijan continue fighting
NATIONAL NEWS
Waiting eagerly for CBI probe outcome in Sushant case:Minister
 Mumbai, Sep 29 (PTI) Maharashtra Home Minister Anil Deshmukh on Tuesday sought to know what happened
NHRC notice to UP govt, state police chief over gang rape of Dalit woman
Cong will celebrate Diwali with people after bypolls: Kamal Nath
Amnesty International halts operations in India
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