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Govt rejects proposal for duty differential between naphtha & polymers
22 Jul '09
1 min read
Manufacturers of petrochemicals in India have been hankering for a duty differential between naphtha and polymers which was as good as nil in India, but stood at 6-7 percent in other parts of the globe.
But the government has stood its ground by saying that there was no duty inversion when customs duty on naphtha, a basic petrochemical feedstock, and that of polymers were kept at same level of 5 per cent.
The government contends that when naphtha is processed, a lot many products are generated other than polymers, due to which question of inversion is not applicable since the revenues generated take care of 5 percent duty on naphtha.
But the government has stood its ground by saying that there was no duty inversion when customs duty on naphtha, a basic petrochemical feedstock, and that of polymers were kept at same level of 5 per cent.
The government contends that when naphtha is processed, a lot many products are generated other than polymers, due to which question of inversion is not applicable since the revenues generated take care of 5 percent duty on naphtha.
Fibre2fashion News Desk - India
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