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
Policy Regulation
India–EU FTA: Gains on Paper, Tests on the Ground
The India–EU Free Trade Agreement expands market access across goods, services and mobility, but its impact will hinge on regulatory alignment, carbon costs and execution, writes Rakesh Rao.
Read moreElectrical & Electronics
Why Electronic Components Are Central to India’s Electronics Ambitions
India’s electronics push is shifting decisively from assembly to components, backed by the Union budget's higher ECMS outlay and ISM 2.0 to deepen value addition and resilience. The promise is rea..
Read moreElectrical & Electronics
Where Global Wire and Tube Innovation Comes Together
The world’s leading wire and tube trade fairs return to Düsseldorf, uniting global innovators to showcase AI-driven manufacturing, advanced materials and solutions shaping the future of industria..
Read moreRelated Products
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
