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Idian:Footwear makers seek rubber import duty reduction |
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2005-3-22
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The Indian footwear industry urged the government to lower import duty by 10 percent on rubber to help bring down prices of natural rubber, the Indian Footwear Manufacturers’ Association (IFMA) said.
The import duty be brought down to 10 percent from 20 percent at present, else prices would increase further, pleaded the association.
The President of IFMA, Suresh Elwadhi said that most commodities attracted only 10 percent import duty while he questioned as top why rubber continues to attract 20 percent import duty.
He said, “The government should bring it (import duty on rubber) to 10% as the move will help check soaring prices.”
Natural rubber prices have been rising for the past four days, in line with international prices, as the commodity is in short supply in the lean season.
Rubber prices have been rising in the Indian markets as sellers have stockpiled the commodity expecting good returns next month when rubber will attract 4 percent tax under the value added tax regime effective from April 1, 2005, instead of 12.5 percent at present.
Meanwhile, IFMA has also sought withdrawal of rubber export subsidy of Rs 3,500 per tonne. Synthetic rubber prices rose 30 percent to Rs 110 per kilogram in the last two months. Industries particularly, tyre and footwear are bearing the brunt of the rising prices. |
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