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@ EconomicTimes

Customs duty hiked; get ready to pay more for consumer products

Several consumer products, from soaps to shoes, smartphones and household appliances, will cost more as several companies plan to pass on the increase in customs duties to consumers. Apple raised prices on select iPhone models, while sportswear brand Puma India will raise prices by 10% starting in April. Prices for air conditioners, washing machines and refrigerators will increase by 3 to 6% from this month due to the 2.5% increase in basic customs duties. Also, due to rising component and logistics costs in the wake of the Covid-19 crisis in China.

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