India tariff adjustment MDI import tax cut from 7.5 per cent to 5 per cent
Release time:
2024-07-26
Recently, India announced the adjustment of import tariffs on some commodities from July 24 and the review plan of the overall tariff structure in the next six months. Important Highlights MDI import tariff reduction: India reduced the import tariff of diphenylmethane diisocyanate (MDI) by 2.5 percentage points to 5.0 per cent, which is one of the raw materials that the government has determined to reduce the tariff. 202407261028023211548228.png Tariffs on some goods have been increased: since July 24, the tariff on polyvinyl chloride (PVC) flexible film/banner has been increased from 10% to 25%, and the tariff on ammonium nitrate has been increased from 7.5 to 10%.
Recently, India announced the adjustment of import tariffs on some commodities from July 24 and the review plan of the overall tariff structure in the next six months.
Important Highlights
MDI import tariff reduction: India reduced the import tariff of diphenylmethane diisocyanate (MDI) by 2.5 percentage points to 5.0 per cent, which is one of the raw materials that the government has determined to reduce the tariff.
Tariffs on some goods have been increased: since July 24, the tariff on polyvinyl chloride (PVC) flexible film/banner has been increased from 10% to 25%, and the tariff on ammonium nitrate has been increased from 7.5 to 10%.
Tax exemptions for key minerals: India's finance minister has proposed to introduce full tax exemptions for 25 key minerals and reduce the tax rates for two other products in the same category.
Electronics-related adjustments: Proposed elimination of the basic tariff on oxygen-free copper used in the manufacture of resistors.
Government review of tariff structure: Within the next six months, the Government of India will conduct a comprehensive review of its tariff rate structure with a view to facilitating trade, eliminating tariff inversions and reducing disputes.
The status of BIS certification is unclear: It is not clear how the revised basic tariff structure will affect the implementation of certification for the import of various chemicals under the Bureau of Indian Standards (BIS).
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