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The Budget 2005-06 has given several concessions in the customs duty. On specified parts of battery-operated road vehicles and for printing presses, duty has been reduced from 20 per cent to 10 per cent. Primary and secondary metals, custom duties has been reduced from 15 per cent to 10 per cent. Similarly, industrial raw materials such as catalysts, refractory raw materials, basic plastic materials, molasses and industrial ethyl alcohol, will now be liable to a reduced customs duty rate of 5 per cent from the present 10 per cent.
To promote the textile sector, the customs duty rates on polyester and nylon chips, textile fibres, yarns and intermediates, fabrics, and garments have been reduced from 20 per cent to 15 per cent.
In the case of 217 Information Technology Agreement (ITA) items, the custom duty on specified capital goods and all inputs required for the manufacturer of ITA bound items has been completely removed. A countervailing duty (CVD) of 4 per cent will be levied on the imports of ITA bound items and their inputs that attract nil duty.
SB/MVVS/RS/AS
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