Government raises customs duty on certain auto parts to support local manufacturing_Government raises customs duty on certain auto parts to support local manufacturing

Government raises customs duty on certain auto parts to support local manufacturing

May 31, 2024

NEW DELHI: In a bid to support domestic manufacturers, the government on Monday proposed to increase customs duty on some imported components used in automobiles. In the budget for 2021-22, Finance Minister Nirmala Sitharaman has proposed to increase customs duty on components like ignition harness, safety glass, signaling equipment, etc. to 15 percent from February 2nd.

Currently, the tariff on these components is 7.5% to 10%.

Nirmalala Sitharaman in the budget speech: “We have increased the tariff on some auto parts to 15 percent, making it comparable to the general tariff on auto parts.”

The government said the basic tariff changes are aimed at creating a level playing field for small and medium enterprises and other domestic manufacturers.

The components will also attract agricultural infrastructure and development costs at a rate of 5%.

Jain, President, Auto Component Manufacturers Association “The increase in basic tariffs on some auto components will encourage local manufacturing of these products.”

Equally encouraging is the fact that the budgetary outlay for the SME sector has doubled from last year.

Jain said, “The auto component industry is predominantly SMEs. As the industry recovers, this will provide them the much-needed support.” .

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