Lab Chemical Duty Slashed to 10% in India
Jul 31, 2024 23:59
India's Finance Ministry reduced customs duty on lab chemicals to 10% from 150%, effective August 1, 2024, aiming to support research and development.
New Delhi, Jul 31 (PTI) The Finance Ministry has slashed customs duty on lab chemicals, excluding undenatured ethyl alcohol, to 10 per cent from 150 per cent announced in the 2024-25 Budget.
The basic customs duty (BCD) on Lab chemicals (excluding undenatured ethyl alcohol of any alcoholic strength) for use in laboratories and for Research & Development purposes has been reduced to 10 per cent, according to a notification by the customs department.
As a trade facilitation measure, the customs department had earlier imposed a 10 per cent import duty for lab chemicals imported in packings not exceeding 500 ml or 500 gm and meant for use solely as laboratory chemicals.
Officials said some importers were importing undenatured ethyl alcohol after wrongly declaring them as lab chemicals to circumvent the 150 per cent duty on undenatured ethyl alcohol.
To curb this misuse, in budget 2024-25, the BCD on lab chemicals was increased to 150 per cent.
However, to address the concerns of genuine users, the BCD on Lab chemicals, excluding undenatured ethyl alcohol of any alcoholic strength, for use in laboratories and for Research and Development purposes has been reduced to 10 per cent effective August 1, 2024.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.