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Date: 02/08/2024

Govt hikes Customs duty on chemicals from 10 pc to 150 pc

The Indian government hiking Customs duty on chemicals from 10 pc to 150 pc in the recent Budget has reportedly thrown research budgets at premier labs out of shape. All research labs, barring those for physics and maths, buy chemicals of international standard from certified suppliers. Funding agencies have already informed scientists that their budgets are fixed with no room to hike allocations to absorb the additional duty burden on imported materials. The Budget had said that the basic Customs duty rate on lab chemicals, classified under HS 9802 00 00, has been increased from 10% to 150%. HS 9802 00 00 is the code under which some 40,000 different types of chemicals are listed, as per a report.
 
Source: Exim News Service: New Delhi, Aug. 1



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