Import duty back, domestic leather industry set to gain
Tribune News Service
New Delhi, February 1
To boost the indigenous leather industry, Union Finance Minister Nirmala Sitharaman on Monday proposed to withdraw exemption of import duty on certain kinds of leathers. “These are domestically produced in good quantity and quality,” Sitharam said.
The Finance Minister also announced raising customs duty on finished synthetic gem stones to encourage their domestic processing.
Steps proposed by the Finance Minister on Monday to benefit MSMEs also included increasing duty from 10 per cent to 15 per cent on imported steel screws and plastic builder wares.
On prawn feed import duty was increased from 5 per cent to 15 per cent. Sitharaman also announced rationalising exemption of import duty on garments to give a boost to the local garment industry.
