Industry & Economy
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Chemicals
Chemical industry wants higher import duty
Our Bureau
New Delhi
March 25
The Indian Chemical Council (ICC) has sought protection from the Government in the form of increased customs duty on most of the chemical products.
According to the ICC, most chemicals attracted the peak customs duty of 12.5 per cent till last year. This year's Budget has proposed to bring down the peak customs duty from 12.5 per cent to 10 per cent. But in the case of chemicals, the rate has been brought down to 7.5 per cent.
Higher Duty
The President of ICC, Mr Dipankar Dutta Gupta, said that this has led to a situation where inputs often attract higher duty than the end products.
According to the council, while the rate of duty on most chemicals has been reduced from 12.5 per cent to 7.5 per cent, the duty on most of the building blocks for these chemicals continues to be 5 per cent. Thus the differential has come down to 2.5 per cent as against 7.5 per cent.
"We have asked that all chemicals that attracted the peak rate earlier may be placed back in the peak rate category and attract 10 per cent duty rather than the proposed 7.5 per cent," Mr Dutta Gupta said. The ICC also has an alternative proposal for the Government in case the restoration of peak rate is not possible, he said.
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