India May Introduce Customs Duty Amnesty

The Indian government is thinking about a plan to help businesses with a lot of money stuck in customs disputes.

They might introduce an amnesty scheme in the next budget to settle these disputes.

Right now, there are 38,000 cases with over ₹1.52 lakh crore in customs duty locked in litigation.

The government is also considering simplifying the customs duty rates by reducing the number of slabs from 8 to 5 or 6.

This is because India has signed free trade agreements with other countries, which has made some finished products cheaper than the raw materials used to make them.

The government wants to make sure that the duties on raw materials are also reduced to help local industries.

Faster customs clearances are also expected in the upcoming budget.