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Govt must focus on reducing raw material duties, says CII

Our Bureau

New Delhi , June 30

THE CII, in its pre-Budget memorandum, has said that there should be no further reduction in peak rate of Customs duty of 20 per cent in 2004-05. Instead, the focus should be on reducing the duties on inputs and raw materials.

For example, Customs duty on projects with investment of Rs 5 crore or more was reduced from 25 per cent to 10 per cent on January 9, 2004.

All inputs required by indigenous manufacturers for such projects must be allowed to be imported at five per cent Customs duty. The industrial body has also recommended that it was important to create duty differentials of five per cent between finished products and raw materials.

Additionally, it has asked the Government to remove anomalies in the duty structure that were created with the reduction in the peak duty rate.

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