IMPORT DUTY ON SILK
In the general budget
announced for 2002-2003 the import duty of silk has been reduced
to 35.20% from 40.40% in 2001-2002. The Ministry of Textiles has
requested Ministry of Finance for maintaining the import duty
of silk at the level of 40.40%. Imposition of a particular rate
of duty, as a long as it does not exceed the tariff binding committed
to by a Member of World Trade Organisation (WTO), does not come
within the purview of the WTO.
This
was stated by the Minister of State for Textiles,
Shri V. Dhananjaya Kumar in a written reply in the Lok Sabha today.
