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 Industry & Economy - Excise and Customs


3-rate customs duty structure mooted

Our Bureau

New Delhi , July 23

The Kelkar Task Force on Fiscal Responsibility and Budgetary Management Act (FRBM) has proposed a shift to a three-rate structure on customs duties consisting of 5 per cent, 8 per cent and 10 per cent.

Admitting that the proposed three-rate structure would involve a certain loss of tax revenue, the Kelkar report has held that this loss has been fully integrated into the medium-term fiscal planning framework adopted by the Task Force.

The Task Force has in its report noted that there is a wide consensus on the direction of customs reforms in India, with a desire to reach Asean rates of customs, and to have the minimal rate dispersion. Towards this end, it has recommended the three rates of 5, 8 and 10 per cent.

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