Budget 2025: CBIC chief defends India’s new tariff policy, rejects protectionism claims

Indirect Taxes and Customs Chairman Sanjay Kumar Agarval touched upon the increase in India import tariff policy on the removal of India from the United States that India becomes more defensive. “India is unfairly directed, as many countries have the means to support the internal interests,” Agarwal said today with business editor-in-chief Siddhart Zarabi.

Agarval has developed a comprehensive exercise for the rationalization of customs duties announced in the previous budget. “The Minister of Finance stated about the exercise of the duty-duty, and it was carried out on a mass scale. We have passed all the tariff items and reviewed the exchange rate structure, “he said.

The exercise was conditioned by four main purposes. Ensuring appropriate protection for certain areas, simplification of interest rate structure, maintaining industry competitiveness, improving the easeness of business and business efficiency. To achieve these goals, seven high tariffs. 25%, 30%, 35%, 40%, 100%, 125% եւ 150% industrial goods. However, agricultural products and textiles were excluded from this exercise.

Agarwal explained that the revised interest rates are used gradually based on the increase in value. “Raw materials and minerals are taxed by 0% or 2.5%. The mediators are taxed by 5% or 7%, capital goods – 7.5%, and the finished goods are 15% and 20%. Schemes (PMP) schemes (PMP) schemes (PMP) schemes (PMP) schemes (PMP) schemes (PMP) have been preserved, or where have imported, he said.

Tariffs on 20% decreased by 20% to temporarily support the internal industries, and more than 70% of 70% decreased by 70%. In addition, the Agricultural Infrastructure and Development Cess (AIDC) has been used for lower rates that have been applied to specific items to balance the reduced defense of total interest rates.

Addressing the special links to the criticism of Herly-Davidson, the average customs duty was 11.65% and a reduction in almost 10%. ” He added that the exchange rate fell from 50% to 40%, and the motorcyclists imported under the knockout remain at 15%.

Agarwal noted that India’s import tariffs are comparable to the wider US criticism, if not more liberal than other large economies. “We analyzed the top 30 imports of the United States, including raw oil and natural diamonds. Prices or zero or 0-10%.