Scary 2023..!? Major 'tax' decision by Modi government..!?

Sowmiya Sriram
Scary 2023..!? Major 'tax' decision by Modi government..!?
Most trade, investment, and financial organizations are predicting that the whole world will data-face a bad economic situation in 2023. The countries of the world are getting ready to data-face this. In this, the decline facing europe will have a big impact for a few years and it is predicted to cause a big hole in the international economy. india has taken a very important decision at this stage. In 2023, the economic recession is predicted to develop in the whole world, but India's growth rates are predicted to continue to be good. But due to the impact of the international market, many problems will inevitably arise in india, one of which is the trade deficit.
India's trade deficit will increase as India's exports from food products to textiles have declined due to the economic recession in the international market. It has been reported that the central government is planning to impose additional imports of non-essential goods to correct this. In this situation, the Union Finance Ministry has decided to impose import duty to prevent the importation of goods from abroad that have a sufficient production capacity in India.
For this purpose, a list of customs is being drawn up in all categories, this list is for essential goods only, while this tax increase is not for other goods under the HSN code, it has been explained. The last time the central government increased the import duty on most of the goods was in the 2022-23 budget plan. Excessive customs duties were then imposed on daily-use items such as umbrellas, headphones, earphones, loudspeakers, smart meters, and fake jewelry imported from abroad.
Most of these products are imported from China, mostly in fully manufactured form or as knock-down units imported on a component basis and assembled in factories in India. In the last 5 years, import duties on almonds, and apples have been hiked several times. An exorbitant number of tax hikes have been imposed on mobile phone components and solar panels.
The difference between exports and imports is called a trade deficit. Generally, india pays for most of India's imports in US dollars or Euros. In this situation, if the country's imports decrease and exports increase, the value of the rupee will affect the country's financial position. To prevent this situation, the duty on imported goods is currently being reduced.
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