Categories: Business

custom duty on bamboo raised to encourage domestic bamboo use

Photo: PTI

custome duty hike

New Delhi. The government on Tuesday raised the import duty on bamboo from 10 percent to 25 percent. The aim is to encourage agarbatti companies to increase the use of domestic bamboo. The Central Indirect Taxes and Customs Board (CBIC) said in a tweet, "The import duty on bamboo imported by agarbatti manufacturers has been increased from 10 percent to 25 percent with immediate effect. The aim is to encourage them to use domestic bamboo to create a self-reliant India. "

According to the order, importing bamboo from anyone including traders will attract an import duty of 25 percent at the same rate. This step will benefit local bamboo farmers. Also, micro, small and medium scale industries (MSMEs) engaged in agarbatti production will also benefit, as earlier only large agarbatti manufacturers were able to import bamboo at low prices. The decision to increase the duty on bamboo has come into force with immediate effect.

This post was published on June 9, 2020 9:14 pm

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