Moneycontrol

Budget 2023Budget 2023
Live: Gas prices dropping: Here're the reasons

Freeze import duties for next five years; cut customs levy slabs to 5: GTRI to Government

The Global Trade Research Initiative (GTRI) also suggested retaining import duty on components; removal of inverted duty issues; and reduction of customs duty slabs to 5 from 25 at present to avoid confusion and minimise litigation.

January 25, 2023 / 04:09 PM IST
(Representative image)

(Representative image)

The government should not make any changes in the customs duties for at least five years with a view to promoting domestic manufacturing, economic think tank GTRI said on Wednesday in its pre-Budget recommendations.

The Global Trade Research Initiative (GTRI) also suggested retaining import duty on components; removal of inverted duty issues; and reduction of customs duty slabs to 5 from 25 at present to avoid confusion and minimise litigation.

These suggestions will prepare India adequately to meet the challenging global economic environment, it said.

The think tank noted that countries worldwide have turned inwards to brace for the tough global conditions and against this background India should announce a five-year duty freeze.