Union Budget 2020 India: According to a memorandum of the Budget, antidumping duty on import of Purified Terephthalic Acid originating in or exported from South Korea, Thailand, China, Iran, Indonesia, Malaysia, and Taiwan has been revoked.
Budget 2020-21: The government on Saturday revoked the antidumping duty on import of a chemical used in textile industry from seven countries, including South Korea and Thailand. According to a memorandum of the Budget, antidumping duty on import of Purified Terephthalic Acid originating in or exported from South Korea, Thailand, China, Iran, Indonesia, Malaysia, and Taiwan has been revoked.
In July last year, the finance ministry had imposed antidumping duty of up to USD 78.28 per tonne on the chemical from South Korea and Thailand. In July 2016, the ministry slapped the duty of up to USD 168.76 per tonne on the chemical from China, Iran, Indonesia, Malaysia and Taiwan. Hailing the move, Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said abolishing the duty will give the much needed boost to the entire textile and apparel value chain.
He also said the new NIRVIK scheme for higher export credit disbursements with greater coverage was announced at a time when there are increased uncertainties in the global market. “The council is keenly looking forward to an effective substitution of MEIS (merchandise exports from India scheme) that has been withdrawn for the sector,” Sakthivel said.
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Further, the Budget memorandum said changes are being made in the rules to strengthen the anti-circumvention measures by making them more comprehensive and wider in scope to take care of al types of circumventions of antidumping duty in line with best global practices. “A provision is being incorporated in the countervailing duty rules to enable investigation into case of circumvention of countervailing duty for enabling imposition of such duty,” it said.