Government doubles import duty on 328 textile products to 20 percent
The government doubled import duty on nearly 50 products last month, including jackets, suits and carpets.
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[New Delhi]: The central government has doubled import duty on nearly 328 textile products to 20 percent. The government has taken this decision so that in the country the manufacturer (manufacturing) of such products can be encouraged.
A notification in this regard has been submitted to the Minister of State for Finance Pon Radhakrishnan in the Lok Sabha today. This notification states that under the Section 159 of the Customs Act, 1962, the existing customs duty on 328 textile products has been increased to 20 per cent from the present 10 per cent.
This increase in customs will benefit the domestic manufacturers as the imported goods are cheap at the present time. Manufacturing activities will help in generating employment in this sector in detail, which currently employs 10.5 million people.
The government doubled import duty on nearly 50 products last month, including jackets, suits and carpets. Import duty on these has been increased to 20 percent. The motive behind this was to encourage domestic manufacturers.
Through this notification, the Central Board of Direct Taxes and Customs increased the import duty, as well as increased the ad-volrum rate on some products. According to Trade Expert, India will not be able to offer any direct export promotion to the textile sector, so there is a need to support the segment to encourage domestic manufacturing.