Highlights

  • Increase import duty on paper, paperboards to 25 pc in budget: IPMA
  • Industry wants the basic customs duty on the import of paper and paperboard from 10% to 25%

Latest news

 Ferrari stolen from Formula 1 driver in 1995 found nearly 30 years later

Ferrari stolen from Formula 1 driver in 1995 found nearly 30 years later

Indian killed in Hezbollah strike in Israel: media reports

Indian killed in Hezbollah strike in Israel: media reports

Gurugram: 5 people cough blood after eating mouth freshener at restaurant

Gurugram: 5 people cough blood after eating mouth freshener at restaurant

B Sai Praneeth retires from international badminton

B Sai Praneeth retires from international badminton

Ashwin not afraid of trying new things, that's why he has survived so long: Pujara

Ashwin not afraid of trying new things, that's why he has survived so long: Pujara

Rahul Gandhi's Adani jibe at BJP's 'Modi ka parivaar' campaign

Rahul Gandhi's Adani jibe at BJP's 'Modi ka parivaar' campaign

Alia Bhatt shares an adorable moment with Raha as she debuts daughter's face on Instagram, check out

Alia Bhatt shares an adorable moment with Raha as she debuts daughter's face on Instagram, check out

Big relief for Donald Trump, US Supreme Court allows his name on presidential ballot

Big relief for Donald Trump, US Supreme Court allows his name on presidential ballot

Budget 2024: Paper industry pushes for 25% increase in import duty

The association noted that the paper industry has been reeling under stress with the underutilisation of capacity in view of the indiscriminate increase in the import of paper and paperboard

Budget 2024: Paper industry pushes for 25% increase in import duty

In the run-up to the upcoming Budget, domestic paper and paperboard manufacturers are urging for a substantial increase in import duty to 25 percent on paper products. The Indian Paper Manufacturers Association (IPMA), in a statement on Monday, revealed that it has formally requested the government to raise the basic customs duty on the import of paper and paperboard from the existing 10 percent to 25 percent. The IPMA emphasized that India's WTO Bound rate for these products stands at 40 percent.

The association has further advocated for the implementation of quality control orders (QCOs) for various paper grades to ensure the availability of high-quality products in the Indian market and to curb the influx of substandard imports.

IPMA President Pawan Agarwal urged the government to categorize paper and paperboard under the negative list during the review of existing FTAs (ASEAN, South Korea, and Japan) and the formulation of new agreements. He highlighted that any increase in customs duty should not impact duty-free imports under existing FTAs.

Agarwal stressed the need for timely imposition of safeguard, anti-dumping, and countervailing duties on various paper grades, particularly following the recommendations of the Directorate General of Trade Remedies (DGTR).

With a substantial 43 percent increase in paper and paperboard imports in H1 of FY24, following a 25 percent increase in FY23 in volume terms, the Indian Paper Industry is calling for an adjustment in import duty in the upcoming Budget. This move is seen as crucial to creating a level playing field for domestic manufacturers, given the challenges posed by rising imports amid sufficient domestic production capacity.

The IPMA highlighted the strain on the paper industry, pointing to underutilization of capacity due to the surge in indiscriminate paper and paperboard imports. Despite having ample domestic production capacity, the industry is grappling with higher import growth rates, resulting in underutilization of the installed capacity within the country, according to IPMA President Pawan Agarwal.


Up Next

Budget 2024: Paper industry pushes for 25% increase in import duty

Budget 2024: Paper industry pushes for 25% increase in import duty

RBI approves interoperable payment system to boost digital transactions

RBI approves interoperable payment system to boost digital transactions

RBI halts IIFL Finance's gold loan operations over regulatory concerns

RBI halts IIFL Finance's gold loan operations over regulatory concerns

Sensex and Nifty reach new peaks, extend 4-day rally

Sensex and Nifty reach new peaks, extend 4-day rally

Tata Motors to spin-off business into two separate listed entities, demerger to take 12-15 months

Tata Motors to spin-off business into two separate listed entities, demerger to take 12-15 months

Majority of customers say they will drop UPI payment method if a transaction fee is charged: Survey

Majority of customers say they will drop UPI payment method if a transaction fee is charged: Survey

More videos

54% of stock market investors belong to these 6 states

54% of stock market investors belong to these 6 states

Delhi's per capita income 2.5 times higher than national average: Finance Minister Atishi

Delhi's per capita income 2.5 times higher than national average: Finance Minister Atishi

Luxury flats sale soars: Signature Global sells 1,008 luxury flats in Gurugram for Rs 3,600 crore

Luxury flats sale soars: Signature Global sells 1,008 luxury flats in Gurugram for Rs 3,600 crore

Moody's raises India's 2024 GDP growth estimate to 6.8% from earlier forecast of 6.1%

Moody's raises India's 2024 GDP growth estimate to 6.8% from earlier forecast of 6.1%

Monday's market opening: Nifty hits record high, Sensex rises 178 points

Monday's market opening: Nifty hits record high, Sensex rises 178 points

Gold, Silver Price Today March 04, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Gold, Silver Price Today March 04, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Paytm Payments Bank may face loss of banking license: Report

Paytm Payments Bank may face loss of banking license: Report

Japan's Nikkei surpasses 40,000 points for first time

Japan's Nikkei surpasses 40,000 points for first time

Info Edge apps restored on Google Play amidst government assurance

Info Edge apps restored on Google Play amidst government assurance

Anant Ambani-Radhika Merchant pre-wedding celebration cost revealed

Anant Ambani-Radhika Merchant pre-wedding celebration cost revealed

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.