- Government planning major rejig of Customs duty and GST
- Identified products with inverted duty structure affecting trade and manufacturing competitiveness
- Products include washing machines, air purifiers, solar glass, paper, furniture, apparel, and jewellery
- Inverted duty structure makes imports of finished products cheaper than raw materials
- Ministry of Commerce and Industry shared list of products with Finance Ministry for correction
- Examples of inverted duty structure in paper, washing machines, air purifiers, apparel, and solar glass
- Suggestions to address inverted duty structure may be included in upcoming full budget presentation by new government
Source: msn.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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