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Govt may impose 15% COVID-19 tax on petrochemical, chemical imports: Report.

Date: 21-05-2020
Subject: Govt may impose 15% COVID-19 tax on petrochemical, chemical imports: Report
The government may place a 15 percent COVID-19 tax on all chemical and petrochemical imports to safeguard the domestic industry.

The provisional duty on the imports may be imposed from May 1 to March 31, 2021, The Economic Times reported.

"The proposal has been made by a certain section of industry to the Department of Chemicals & Petro-Chemicals, and the department is still carrying out stakeholder consultations," an official told the publication.

Moneycontrol could not independently verify the story.

The tax will be applicable on all preferential imports under India's various free trade agreements (FTA), and would include organic chemicals, inorganic chemicals, plastics, rubber, man-made filaments and man-made staple fibres, the report said.

The 15 percent levy would be in addition to the lowest tariff placed on Most Favoured Nations (MFNs), the report added.

The commerce ministry is awaiting an official proposal from by the Department of Chemicals & Petro-Chemicals.

"Several industries, which are dependent on chemicals, raw materials or intermediate goods in these sectors, have opposed the proposal," an official told the publication.

Source:- moneycontrol.com

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