GTRI Suggests for simplified customs duty structure in Union Budget 2025
The Global Trade Research Initiative suggests the government simplify the customs duty structure in the upcoming Budget. They recommend reducing slabs to five, taxing raw materials lower than finished goods, and aligning tariffs with national goals. The reforms aim to reduce import bills, boost manufacturing, and promote exports.
Union Budget: The Indian government should simplify the customs duty structure by reducing the number of slabs from over 40 to 5 in the upcoming Budget for the next fiscal year, GTRI said. It should also ensure that raw materials are taxed lower than finished goods in the upcoming Budget to reduce import costs, boost manufacturing, and increase exports, the think tank GTRI said.
GTRI called for an inter-ministerial review of tariff policies to refine India's framework, avoid international scrutiny, and align tariffs with national goals.
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