The Goverment has reclassified LCD Monitor and camcorder in Customs heading which attract zero Customs duty presently .But excise duty is still 16%.The reduction in customs duty will also result in lesser excise duty.As the excise duty is collected on value which is equal to Assessable value and Customs duty of the goods.Earlier there was dispute whether LCD monitor and LCD TV are same or different.Similarly,camcorder and digital still image camera are same or not.
Rapid convergence of technology cause such disputes.The world Customs Organisation revise every four year the Customs tariff classification.The Customs classification code is same through out world same.
