Jul 20 th, 2018

Import NewsNo Comments

The government has increased the duty on more than 50 textile products that are imported into the country to help the domestic manufacturers. The products include carpets, woven fabric, jackets and baby garments and more.

The Central Board of Indirect Taxes and Customs issued a notification in which they listed the textile products on which they have decided to double the duty from the present 10% to 20%. These products which be will be charged double duty also include woven fabrics, dresses, trousers, suits and baby garments. The rates on jute fabric, paper yarn, different varieties of carpets, laminated fiber and sheets made from fiber will also be doubled. The rate would be 20% or Rs.38 per meter, whichever is higher on a few products. For certain items, the ad-valorem rate of duty has also been raised. The date from when these new rates will be applicable is still not been cleared.

The data from the government shows that the imports of textile yarn, fabric, and made-up articles grew by 8.58% and reached $168.64 million in June 2018. The export of all readymade garments, however, saw a fall of 12.3% reaching $13.5 billion. Shipments coming from less developed countries will still be duty-free. The exports of cotton yarn, fabrics, made-ups, and handloom products increased by 24% taking the value figure to $986.2 million. The export of Man-made yarn, fabrics, made-ups has increased marginally by 8.45% reaching $403.4 million.

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