No pre-emptive tariff overhaul
The simple average of import tariffs maintained by India had risen from a low of 13% (10.1% for non-agricultural or industrial goods) in 2009 to 18.1% (14.7%) in 2023.
Import tariff is the basic customs duty (BCD) applied on items identified on the basis of a six-digit harmonised commodity description and coding system (HS Code); other imposts on inward shipments, including the integrated GST, are meant to replicate taxes suffered by domestic goods and services.
Thanks to the steps taken in the FY25 Budget, the average tariff rate of the country came down, and is around 17% now.
This is much higher than the US' 3.3%, but is comparable to other major economies like South Korea (13.4%) and China (7.5%).
However, the US, too, keeps high tariffs on certain items to protect domestic producers.
Denne historien er fra January 09, 2025-utgaven av Financial Express Hyderabad.
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Denne historien er fra January 09, 2025-utgaven av Financial Express Hyderabad.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9500+ magasiner og aviser.
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