Customs duty exemption fails to lower raw material prices.
Despite a customs duty exemption on 40 petrochemical products until June 30, 2026, raw material prices remain high due to geopolitical tensions. Tax professionals should monitor global events' impacts on supply chains.
💡 Key Fact
Customs duty exemption on 40 petrochemicals until June 30, 2026, failed to lower raw material prices for plastic and manmade fiber sectors.
Background
The government removed customs duties to counter rising prices due to West Asia tensions, benefiting textiles, chemicals, plastics, and automotive sectors. The move aimed to reduce input costs and ensure supply.
Source: The Hindu
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