FICCI launches software to assess inverted duty structure
Industry chamber FICCI and the Federation of Indian Micro and Small and Medium Enterprises today launched a software to enable entrepreneurs identify products that carry an inverted duty structure.
By PTI |
NEW DELHI: Industry chamber FICCI and the Federation of Indian Micro and Small and Medium Enterprises today launched a software to enable entrepreneurs identify products that carry an inverted duty structure.
Inverted duty structure impacts the domestic industry adversely as it has to pay a higher price for the raw material in terms of duty, while the finished product lands at lower duty and costs low.
The software, developed under the UNCTAD-DFID project of the Government of India, was launched by UNCTAD Director of Trade in goods, services and commodities Lakshmi Puri here.
"In the wake of India's growing engagement with a number of free trade agreements, the possibility of inverted duty structure has gone up, under which the cost of importing raw materials to manufacture products becomes much higher than the cost of importing the finished good," Puri said.
The software would not only help the business community articulate its concerns but also help trade negotiators prepare themselves better for FTA negotiations through a quick analysis of the range of tariff rates, which may result in inverted duty structure, she said.
Inverted duty structure impacts the domestic industry adversely as it has to pay a higher price for the raw material in terms of duty, while the finished product lands at lower duty and costs low.
The software, developed under the UNCTAD-DFID project of the Government of India, was launched by UNCTAD Director of Trade in goods, services and commodities Lakshmi Puri here.
"In the wake of India's growing engagement with a number of free trade agreements, the possibility of inverted duty structure has gone up, under which the cost of importing raw materials to manufacture products becomes much higher than the cost of importing the finished good," Puri said.
The software would not only help the business community articulate its concerns but also help trade negotiators prepare themselves better for FTA negotiations through a quick analysis of the range of tariff rates, which may result in inverted duty structure, she said.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
