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Thursday, February 12, 2009

Govt scraps import duty on newsprint

Due to a surge in international newsprint prices

The government on Wednesday, 11 February 2009, scrapped customs duty on newsprint to provide relief to print media industry in the wake of a sharp rise in international prices of newsprint and light weight coated paper. Customs duty has been fully exempted on uncoated paper used for printing newspapers and light weight coated paper used for printing magazines. The rates come into effect immediately.

The surge in newsprint prices has led to a significant increase in publishing costs.

The government had earlier reduced customs duty on newsprint in April, 2008 to 3% from 5%. Light weight coated paper attracts customs duty of 5%.

Due 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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