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Date: 10/09/2024

Minister floats idea of BAT to blunt import edge

There should be a Border Adjustment Tax (BAT) to address the price disadvantages being faced by local companies against imported products due to multiple local taxes, said Mr Piyush Goyal, Commerce and Industry Minister, while speaking at Indian Steel Alliance’s (ISA) ‘Steel Conclave.’ Border Adjustment Tax is a World Trade Organization-compliant mechanism that seeks to offset the extent of taxes that local producers pay so that the import tariffs are real. If all industry associations like CII, FICCI and Assocham can take up this idea, India may be in a position to gain traction and get BAT into the country. BAT can even be imposed on imports from countries with which India has free trade agreements. The Minister also assured domestic steelmakers, which are facing a margin squeeze due to the influx of cheap imports, that their concerns would be addressed, as per a report.
 
source; Exim News Service; New Delhi, Sept. 9



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