Import Duty Waiver On Critical Petrochemical Products Extended Till July 15
On April 2, the ministry had said that in light of the ongoing conflict in West Asia and the consequent disruptions in global supply chains, the government has decided to provide full customs duty exemption on critical petrochemical products till June 30
New Delhi: In a move to ensure continuity of the supply chain amid the West Asia crisis, the government on Tuesday extended nil customs duty on import of critical petrochemical products by 15 days till July 15. The full customs duty waiver on about 40 critical petrochemical products provided on April 2 was a temporary and targeted relief, and was set to lapse on June 30.
In a notification, the finance ministry extended the customs duty exemption to July 15. “The import duty exemption was intended to benefit sectors dependent on petrochemical feedstock and intermediates, such as plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components and other manufacturing segments,” the ministry said.
On April 2, the ministry had said that in light of the ongoing conflict in West Asia and the consequent disruptions in global supply chains, the government has decided to provide full customs duty exemption on critical petrochemical products till June 30. “This measure was aimed to ensure the continued availability of critical petrochemical inputs for the domestic industry, reduce cost pressures on downstream sectors, and safeguard supply stability in the country,” the ministry had said.
The goods on which the customs duty has been exempted include methanol, anhydrous ammonia, toluene, styrene, dichloromethane, vinyl chloride monomer, poly butadiene, styrene butadiene and unsaturated polyester resins.
