NEW DELHI: The Government has
decided to increase the basic customs duty on polyester fabric to 20 per cent,
from 10 per cent, with effect from 27th October.
In the Goods and Services Tax regime, countervailing duty has been
replaced with Integrated GST and Special Additional Duty (SAD) has been
scrapped. Polyester fabric attracted 10 per cent basic customs duty, 12.5 per
cent countervailing duty and four per cent SAD in the pre-GST regime.
After scrapping of the SAD and levy of five per cent GST on the
fabric, the imported variety attracted 10 per cent basic customs duty and five
per cent IGST. This was a significant drop and the domestic manufacturing
industry had petitioned in alarm, to stop cheaper import, especially from
China. The industry had represented to the Government and the GST Council to
increase the basic Customs Duty.
Source: Dailyshippingtimes.com
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