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
“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%.
In a stride towards stabilizing and boosting economy the Finance Minister Nirmala Sitharaman introduced a new strategy to refund duties and taxes on exports, simple export credit and extra fund More
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