Centre Extends Full Customs Duty Waiver On 40 Petrochemical Imports By 15 Days Till July 15 Amid West Asia Turmoil
· Free Press Journal
New Delhi, Jun 30: The government on Tuesday extended nil customs duty on the import of 40 critical petrochemical products by 15 days till July 15 to ensure continuity of supply stability amid the West Asia crisis.
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The full customs duty waiver on such products provided on April 2 was a "temporary and targeted relief", and was set to lapse on June 30.
In a statement, the finance ministry said the exemption on April 2 was provided to ensure sufficient availability of petrochemicals in the domestic market as Indian petroleum companies had been asked to concentrate on the production of LPG during this period.
"As the situation is gradually normalising, to ensure a smooth and non-disruptive transition for the affected sectors, it has been decided to extend the said exemption by a further period of 15 days, that is, till July 15, 2026", it added.
The goods on which the customs duty has been exempted include Methanol, Anhydrous ammonia, Toluene, Styrene, Dichloromethane (methylene chloride), Vinyl chloride monomer, Poly butadiene, Styrene butadiene and Unsaturated polyester resins.
"The government remains committed to supporting India's manufacturing sector," the ministry said.
As before, the exemption is expected to benefit a wide range of sectors dependent on petrochemical feedstock and intermediates, including plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components and other manufacturing segments. This will also provide relief to consumers of final products, it added.
On April 2, the Finance Ministry had said that in light of the ongoing conflict in West Asia and the consequent disruptions in global supply chains, the government has decided to provide full customs duty exemption on critical petrochemical products till June 30.
Wipro Completes 60 Crore Share Buyback, Promoter Stake Inches Up To 72.59%This measure was aimed at ensuring the continued availability of critical petrochemical inputs for the domestic industry, reducing cost pressures on downstream sectors, and safeguarding supply stability in the country.
Disruption in shipping routes amid the West Asia war has raised concerns over imports of fertiliser, crude oil and natural gas. India is a major importer of fertiliser and petroleum.
For FY27, the government has set a customs revenue target of Rs 2.71 lakh crore, compared to Rs 2.64 lakh crore in the last fiscal.
(Except for the headline, this article has not been edited by FPJ's editorial team and auto-generated from an agency feed.)