New Delhi, March 1
"WE welcome the cut in excise duty on tyres from the existing level of 24 per cent to 16 per cent, a correction that was long overdue," said Mr Raghupati Singhania, Vice-Chairman and Managing Director, JK Industries.
"The reduction in the peak rate of customs duty from 20 per cent to 15 per cent, bringing them closer to Asian levels, is no doubt a progressive step forward but has to be calibrated carefully keeping in mind the poor infrastructure gaps that the Indian industry has to encounter more when compared to these Asian countries," he said.
"It is surprising that the import duty on natural rubber continues to be 20 per cent and not brought in line with Asian levels. The impact on corporate profits is a matter of concern as the net tax payable by companies would go up by around 5 per cent," he said.