Government announces custom duty exemption for newsprint

The government today announced special custom duty exemptions to the newspaper and magazine publishing industry in the country. These concessions have been announced in view of the current economic slowdown particularly affecting the newspaper industry. The concessions announced today by an official notification by Finance Ministry are as follows-

(i) Customs duty has been fully exempted on newsprint, as well as on uncoated paper used for printing of newspapers-commonly known as glazed newsprint;

(ii) Customs duty has been fully exempted on light weight coated paper used for printing magazines.

The newspaper and magazine publishing sector has sought relief from the Government in the wake of sharp rise in international prices of newsprint and light weight coated paper (used for publishing magazines), which has resulted in a significant increase in publishing costs. Falling advertising revenues due to the recent economic slowdown have also afflicted this sector.

Government had earlier provided a concessional customs duty rate of 3% on newsprint (w.e.f 29.4.2008). Light weight coated (LwC) paper attracts concessional customs duty of 5%. Owing to full exemption from excise duty, these items do not attract countervailing duty. They are also exempt from the Special Additional Duty of 4%.

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

15123 Views Comment Share Custom Report

News posted by

CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Click here to Login and post comments OR