Levy duty on broader industry categories to cut tax rates: Price Waterhouse

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Levy duty on broader industry categories to cut tax rates: Price Waterhouse - Business Standard

Quick Summary:

The 2024-25 Budget had announced that a comprehensive review of the Customs Duty rate structure will be undertaken over the next six months to rationalise and simplify it for ease of trade, removal of duty inversion and reduction of disputes.

The Budget could consider levying customs duty on the basis of broader categories of the industry to reduce the number of tax rates, Price Waterhouse & Co LLP said on Thursday.

To reduce classification disputes, the Budget had announced a review of the customs duty rates.