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INDIA BUSINESS WORLD - 1st FEBRUARY - TO - 15th FEBRUARY - 2009
CUSTOMS DUTY ON NEWSPRINT WAIVED
THE government has waived Customs duty on newsprint with immediate effect to help the print media industry. Customs duty has been exempted on uncoated paper, commonly known as glazed newsprint, used for printing of newspapers, as also light weight coated paper used for printing magazines.
"As a measure of continued support to this sector, the government has effected....changes in the Customs duty rates on newsprint and light weight coated paper,” an official statement said.
The newspaper and magazine publishing sector had sought relief from the government in the wake of sharp rise in international prices of newsprint and light weight coated paper, leading to a significant increase in publishing costs. Falling advertising revenues due to the economic slowdown have also affected this sector.
The government had earlier reduced Customs duty on newsprint in April 2008 to 3% from 5%. Light weight coated paper attracted Customs duty of 5%.
Owing to full exemption from excise duty, these items do not attract countervailing duty. They are also exempt from the Special Additional Duty of 4%.
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