IMPORT LEVY ON NATURAL RUBBER REMOVED

  • The All India Rubber Industries Association (AIRIA) has urged the government to not impose further restrictions on the import of rubber compounds.
  • The industry imported 1,12,500 tonnes in 2021 under the ‘4005 Compounded rubber, unvulcanised, in primary forms or in plates, sheets or strip’ category to make products such as conveyor belts and hoses, AIRIA president Ramesh Kejriwal said.
  • The government levied 10% basic duty, 18% IGST and 10% surcharge.
  • The import levy on natural rubber comprises basic duty 25%, additional duty 5% and surcharge 10%. AIRIA wants the government to remove the duty. In India, production of natural rubber is insufficient to meet the demand (consumption) of 12.38 lakh tonnes (2021-2022).
  • Kejriwal said India did not produce rubber EPDM (ethylene propylene diene monomer) and its prices had doubled due to the pandemic and the Russia-Ukraine war.
  • Hence, the Centre should not only encourage production of rubber EPDM (synthetic rubber), but also reduce the import duty, he added.
  • He also urged against giving duty sops under bilateral trade pacts for rubber products 

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB

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