The government proposes to reduce import tariffs on newsprint to 5 percent
NEW DELHI: Finance Minister Nirmala Sitharaman on Saturday proposed reducing the import tariff to five percent. the government In the last budget, 10 percent of basic customs duties had been imposed on newspaper and light coatings.
However, since then I have received several references that this assessment has imposed an additional burden on print media at a time when it is going through a difficult phase. Therefore, I propose to reduce basic customs duties on imports of newsprint and light weight. coated paper from 10 percent to 5 percent, he said while presenting the Union Budget by 2020-21.
The has earlier urged the government to save the newspaper industry by scrapping the 10 per cent duty imposed on newsprint and uncoated paper used for printing newspapers, and light weight coated papers for magazines.
The total consumption of standard newsprint in India is 2.5 million tons and indigenous factories have a capacity of only 1 million tons, the INS said.