Import duty on bamboo for agarbatti industry hiked to 25%

In an effort and hard work to curb an additional import from China, India on Tuesday hiked import responsibility on bamboo for agarbatti (incense stick) to twenty five for each cent.

“Customs responsibility on bamboo imports by agarbatti suppliers hiked from ten for each cent to twenty five for each cent with quick outcome to persuade use of domestic bamboo for AtmaNirbhar Bharat,” Central Board of Oblique Taxes and Custom (CBIC) explained in a tweet. CBIC is apex plan producing human body for oblique taxes these types of as Goods & Expert services Tax (at Central stage) and Custom Obligation.

The board explained the twenty five for each cent customs responsibility fee shall now uniformly utilize to any import of bamboo, which includes by traders. Uniform fee will enable in steering clear of misuse and fees connected disputes. “This measure will benefit farmers immensely. MSME agarbatti suppliers also to attain, as before only the substantial agarbatti suppliers were being able to import bamboo at reduced fee,” it explained.

Various investigate report implies that India per year imports completed uncooked agarbatti to the tune of one.ten lakh tonnes and spherical bamboo sticks to the tune of 40,000 tonnes. The Customs responsibility on uncooked agarbatti was twenty for each cent and 30 for each cent on spherical bamboo sticks. Even so, the Centre introduced responsibility on uncooked agarbatti to zero and a concessional responsibility of ten for each cent is used to spherical bamboo sticks imported from China. This affected nearby industries. Sizing of domestic agarbatti marketplace is around ₹6,000 crore.

Printed on

June 09, 2020

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