Friday, January 27, 2023

Freeze Import Duties for Next Five Years; Cut Customs Levy Slabs to 5: GTRI to Govt

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The government should not make any changes in the customs duties for at least five years with a view to promoting domestic manufacturing, economic think tank GTRI said on Wednesday in its pre-Budget recommendations. The Global Trade Research Initiative (GTRI) also suggested retaining import duty on components; removal of inverted duty issues; and reduction of customs duty slabs to 5 from 25 at present to avoid confusion and minimise litigation.

These suggestions will prepare India adequately to meet the challenging global economic environment, it said. The think tank noted that countries worldwide have turned inwards to brace for the tough global conditions and against this background India should announce a five-year duty freeze.

“Any change may upset…production linked incentive scheme (PLI); phased manufacturing programme and other manufacturing initiatives. The government must reduce import duties only when a clear economic case is present,” it said.

The duty freeze should be co-terminus with the five years of the PLI scheme and it would also convey the message of policy stability.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: News18

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