Kelkar For Two-deck Customs Duty Rates

New Delhi, October 25: | Updated: Oct 26 2002, 05:30am hrs
The taskforce on indirect taxes has recommended a two-rate customs duty structure by 2004. The two rates suggested by the taskforce headed by adviser to finance minister Vijay Kelkar, are 10 per cent for raw materials and intermediates, and 20 per cent for finished goods.

Vijay Kelkar
The taskforce finalised its consultation paper as a prelude to its report and made a presentation before finance minister Jaswant Singh on Friday.

The report is due for submission by November-end, said an official release, adding the consultation paper, which has been framed after discussions with trade and industry, individual tax-payers, tax administrators and tax experts, contains recommendations which will help both tax-payers and administrators.

The consultation paper will soon be made public and will be put on a website for receiving feedback and comments to be used for preparing the final report.

The taskforce was set up by the finance minister last month to focus on simplification of procedures and transparency in tax administration. It includes chief economic adviser Ashok Lahiri, and has wide representations from the trade and industry.