More Stories

Informist, Tuesday, Jul 23, 2024

--Aim to enhance export competitiveness of leather goods 

--To cut customs duty of mfg leather, footwear, other articles 

--To cut customs duty on chemicals for making spandex yarn 

--To cut customs duty of real duck, goose down filling 

NEW DELHI – The government today reduced the basic customs duty on real down filling material from duck and goose to enhance the competitiveness of exports in the leather and textile sectors. The basic customs duty on real down filling material from duck and goose has been cut to 10% from 30% previously, according to the Union Budget for 2024-25 (Apr-Mar) presented by Finance Minister Nirmala Sitharaman today. 

"I am also making additions to the list of exempted goods for (the) manufacture of leather and textile garments, footwear and other leather articles for export," Sitharaman said. 

Additionally, the basic customs duty on methylene diphenyl diisocyanate for the manufacture of spandex yarn has been reduced to 5% from 7.5% earlier. The duties have been reduced to enhance the competitiveness of leather goods in global markets. 

Furthermore, Sitharaman said the export duty structure on raw hides, skins, and leather has been proposed to be simplified and rationalised.  End

Reported by Sayantan Sarkar

Edited by Manisha Baxla

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.