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(Plastemart) -- As a part of
Non-Agriculture Market Access Negotiations (NAMA), WTO members (which includes
India), have agreed to reduce bound tariffs based on a non - linear Swiss
Formula. What this in effect means is that India cannot raise the Basic Customs
Duty in most plastic items beyond 13.3% (in some items this rate is 15%), under
any circumstances. So, import of Plastics into India from any WTO member country
will be allowed at a peak rate of Basic Customs duty of 13.3% or lower (The
Basic Customs duty in Plastics, currently applicable is anyway below 13.3%, but
it cannot be raised beyond this level as per the Agreement).
mrcplast.com
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