Page 26 - Plastics News February 2022

FEATURE

on headphones and earphones, whether duty on products such as methyl alcohol and are likely to provide relief to micro,
or not combined with a microphone, and (methanol) and acetic acid has also been small and medium-scale secondary
sets consisting of a microphone and one brought down to 2.5 per cent and 5 per steel producers. Over the last five years,
or more loudspeakers, was also hiked cent, respectively from the existing 10 per import duty hikes have been made on
to 20 per cent from 15 per cent, while cent. “Customs duty on certain critical several occasions such as almonds,
those on smart meters was raised to 25 chemicals namely methanol, acetic acid apples, and others. Other items such as
per cent from 15 per cent.“Exemption and heavy feed stocks for petroleum cellphone parts and solar panels have
is also being rationalised on implements refining are being reduced, while duty is seen the most regular hikes, with an
and tools for agri-sector which are being raised on sodium cyanide for which aim to protect and nurture the domestic
manufactured in India,” Sitharaman said adequate domestic capacity exists. These industry growth.Prior to the large-scale
while presenting the Union Budget for changes will help in enhancing domestic hikes, India’s peak customs duty — the
2022-23.Import duty, meanwhile, was value addition,” Sitharaman said. highest of the normal rates — on non-
reduced for cut and polished diamonds, agriculture products had come down
asafoetida, cocoa beans, methyl alcohol How have import duty changes steeply from 150 per cent in 1991-92 to
and acetic acid along with proposing to been made in recent times? 40 per cent in 1997-98 and subsequently,
phase out the concessional rates in capital Last year, customs duty exemptions were
goods and project imports gradually given to the steel scrap industry, which to 20 per cent in 2004-05 and 10 per cent
and apply a tariff of 7.5 per cent. The has now been extended for another year in 2007-08.

26 PLASTICS NEWS FEBRUARY 2022