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Centre to hike import duty on 504 textile products

The central government is planning to hike import duty on as many as 504 textile products post receiving recommendation from the Ministry of Textiles, a move aimed at boosting domestic manufacturing.

The recommendations, have reportedly, been accepted by the Finance Ministry.

It was the second tax hike on textiles in as many months after an increase on other products including fibre and apparel in July.

The duty hike has already been imposed on 170 textile products last month and for the remaining, it will be announced any time soon.

The proposed recommendation for up to 20 percent import duty on textile products are World Trade Organization (WTO) compatible.

There were reports of up to 90 percent imports seen in products which led to recommendation for duty hike.

The foreign direct investment norms for the sector may also be relaxed.

Products on which imports duties are expected to increase includes some fabrics, garments and man-made fibres. The duties could be enhanced to 20 per cent from the current level of 5-10 per cent.

 Rising imports sent India’s trade deficit with China in textile products to a record high $1.54bn in 2017-18, alarming industry officials as India had been until recently a net exporter of textile products to China.

 

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