Union Budget 2022: FM proposes cut in customs duties on certain chemicals

Finance Minister Nirmala Sitharaman. Credit: PTI File Photo

Finance Minister Nirmala Sitharaman on Tuesday proposed to reduce customs duties on certain chemicals, including methanol, to promote domestic manufacturing.

She also announced a reduction in customs duty on cut and polished diamond, gemstones to 5 per cent.

Besides, she said that the government will introduce IT-driven reforms for special economic zones (SEZs) and concessional rates on capital goods, and project imports would be phased out.

Certain anti-dumping duties and countervailing duties on certain steel products are being revoked due to high prices, she noted.

"Unblended fuel to attract additional excise duty of Rs 2/litre from October 1 to promote blending biofuels in petrol and diesel," she said.

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