Customs duty waiver for chemical industry likely |
By e4p Correspondent, Friday, March 06, 2009, 15:45 Hrs [IST] |  |
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Category: Chemicals | Tags: chemical industry, Union Government, global financial meltdown | Share:  |
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The Union Government is reportedly considering revision of Customs/excise duty on inputs required by the chemicals and petrochemicals industries, in order to bail out the industry reeling under global financial meltdown.
The chemical sector has been adversely affected by the extreme fall in prices, slump in export orders and a significant slowdown in demand in the domestic market which has forced the industry to hold back expansion plans and operate at lower capacities.
The proposals under consideration include waiving the current 5 per cent customs duty on naphtha, reducing the excise duty on mono ethyl glycol (MEG) from 8 to 4 per cent and cut in the excise duty on furnace oil and non-coking coal from 10 to 5 per cent.
Source : www.projectstoday.com
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