20
Thursday
February 2020
10:21 AM IST
News Headlines
Ishant is hitting good areas, Prithvi should follow instincts: Kohli hints on playing XI        PCB chief hints at Pakistan giving up Asia Cup hosting rights        First 5G handset in India likely to be priced at Rs 50,000        Coronavirus outbreak to hit global growth; to have limited impact on India: RBI Guv        Death toll from China virus surges past 2,000        Necessary to prevent statelessness when nationality laws are changed: UN chief        Maha CM visits Shivneri Fort on Shivaji''s birth anniversary        Can transport minister come to explain govt proposal for introducing EVs, asks SC        SC upheld right to protest but other citizens also have rights: Interlocutors at Shaheen Bagh        Won't rule out playing 2023 World Cup, says Taylor        Sachin Tendulkar wins Laureus Sporting Moment Award for 2011 WC triumph        Messi, Hamilton share Laureus World Sportsman of Year honour; Biles gets third award        Kerala tourism eyes robust growth in domestic tourist footfalls in 2020        RBI Governor says no reason to doubt govt will meet fiscal deficit targets        UK budget on March 11 as planned: new finance minister        Wuhan hospital director dies of coronavirus        Opening of Kartarpur Corridor practical proof of Pakistan's desire for peace, says UN chief        People of Delhi taught a lesson to BJP which it will remember for long time: Gehlot        Delhi court sends Sharjeel to judicial custody till Mar 3 in New Friends Colony anti-CAA violence case        Prashant Kishor questions Nitish Kumar's development in Bihar        
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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.


First 5G handset in India likely to be priced at Rs 50,000
Coronavirus outbreak to hit global growth; to have limited impact on India: RBI Guv
Kerala tourism eyes robust growth in domestic tourist footfalls in 2020
RBI Governor says no reason to doubt govt will meet fiscal deficit targets
Moody's cuts India growth projection to 5.4 pc for 2020
Airtel pays Rs 10,000 crore to govt towards statutory dues
DoT withdraws order that asked for no coercive action against defaulting telcos
Sensex, Nifty fall for 2nd day as banking, auto stocks slide
Sensex rallies over 300 pts ahead of IIP, inflation data releases
ABB India wins orders worth Rs 191 cr
Rupee settles 10 paise higher at 71.30 against USD on easing crude prices, weak dollar
Market falls for second day as coronavirus worries persist
PURE EV to set up second EV scooter unit in Telangana with Rs 100 Cr investment by 2021
Anil Ambani to pay USD 100 mn in conditional order for Chinese banks: UK court
Rupee slips 22 paise to 71.40 against USD on strong dollar demand
Not moving out of Andhra Pradesh, says Kia Motors
Deposit insurance hike: RBI says not to hit banks balance-sheets
Let's work together to make India USD 5-trn economy: PM
Volkswagen opens bookings for two new SUVs
Our target is USD 5 billion of defence export in next five years: Modi
KERALA NEWS
Two forest dept officials killed in wildfire
 Thrissur: Two forest department officials were on Sunday charred to death in a wildfire at Wadakkanc  
CPI(M) expels two student activists held for Maoist links
Surendran new Kerala BJP President
Student who tested Positive for coronavirus discharged
INTERNATIONAL NEWS
Death toll from China virus surges past 2,000
 Beijing, Feb 19 (PTI) The death toll from the coronavirus epidemic in China crossed the 2,000-mark o
Necessary to prevent statelessness when nationality laws are changed: UN chief
UK budget on March 11 as planned: new finance minister
Wuhan hospital director dies of coronavirus
NATIONAL NEWS
Maha CM visits Shivneri Fort on Shivaji''s birth anniversary
 Mumbai, Feb 19 (PTI) Maharashtra Chief Minister Uddhav Thackeray visited the Shivneri Fort in Pune d
Can transport minister come to explain govt proposal for introducing EVs, asks SC
People of Delhi taught a lesson to BJP which it will remember for long time: Gehlot
Delhi court sends Sharjeel to judicial custody till Mar 3 in New Friends Colony anti-CAA violence case
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