Schedule a Call Back
GTRI urges simplified customs duty structure to boost manufacturing and exports
Industry News- Jan 15,25
According to GTRI, currently, 85% of tariff revenue is generated from just 10% of tariff lines or product categories, while 60% of tariff lines account for less than 3% of total revenue.
The Global Trade Research Initiative (GTRI) has suggested that the government simplify the customs duty framework in the upcoming Budget by reducing the number of duty slabs from over 40 to just 5. The think tank emphasised the need to tax raw materials at lower rates than finished goods to reduce import bills, promote manufacturing, and increase exports.
GTRI also called for an inter-ministerial review of tariff policies to refine India's tariff structure, ensure alignment with national goals, and avoid international scrutiny. The think tank proposed reducing India’s average tariff to approximately 10%, stating that this can be achieved without significant revenue loss.
According to GTRI, currently, 85% of tariff revenue is generated from just 10% of tariff lines or product categories, while 60% of tariff lines account for less than 3% of total revenue. Simplifying the structure could streamline operations and foster industrial growth.
(ET)
Related Stories
Electrical & Electronics
Chips are up!
In December 2024, India's electronics exports surged by 35.1 per cent to reach a two-year high of $3.58 billion, up from $2.65 billion in December 2023, according to the Ministry of Commerce and Ind..
Read morePolicy Regulation
Budget aims to integrate India with global supply chains, boost manufacturing
Through the budget, the Union Government will support the domestic electronic equipment industry to leverage the opportunity of Industry 4.0. National framework for states to be formulated for promo..
Read moreElectrical & Electronics
Indian electronics industry's mission $ 500 billion
Indian electronics industry has set an ambitious target of $500 billion by 2030 from present $ 101 billion. The task is challenging, but not insurmountable. As a result, the industry is on the cusp ..
Read moreRelated Products
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
