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“In case you see the native value vis-a-vis worldwide value…so there was a differential maintained on account of that import responsibility… So I don’t suppose there may be any rethink on lowering import duties as of now,” Further Secretary within the commerce ministry Amardeep Singh Bhatia informed reporters right here.
He was replying to a query concerning the home person trade’s demand to chop the duties and that of native producers towards any responsibility discount. Tyre makers are one of many main shoppers of the commodity.
Over 13 lakh rubber growers are there within the nation. Kerala accounts for a significant chunk of the manufacturing, which was 8.39 lakh tonne in 2022-23. Consumption throughout that fiscal was 13.5 lakh tonne.
The hole is bridged by imports from nations similar to Vietnam, Malaysia and different southeast asian nations.
With a view to regulate the import of pure rubber, the federal government had elevated the responsibility on import of dry rubber to 25 per cent or Rs 30 per kg, whichever is decrease from April 30, 2015. The federal government had additionally lowered the interval of utilization of imported dry rubber underneath advance licensing scheme from 18 months to six months from January 2015. Port entry for import of pure rubber has been restricted to ports at Chennai and Nhava Sheva (Jawaharlal Nehru Port) since January 2016.
Additional, within the Union Funds 2023-24, the speed of customized responsibility on compound rubber was additionally elevated from 10 per cent to 25 per cent or Rs 30 per kg, whichever is decrease (at par with pure rubber) to curb circumvention on responsibility.
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