Budget FY24 Expectations: Punjab Industries demand hike in import duty on Chinese products to protect local manufactures

Chandigarh, Jan 18 (KNN) The Punjab industries have urged the government to raise the import duty on products coming from china with the aim to protect the local industry.

Speaking exclusively with KNN India, Upkar Singh Ahuja, President of Chamber of Industrial & Commercial Undertakings (CICU), said the import duty on various products like bicycle parts, screw, nut- bolt, coming from china should be raised to protect the local manufactures. 

Presently, most of the imports from China are coming under invoicing and through SAFTA & ASEAN Countries to save the custom duties.

Singh further pointed out that the disparity between the income tax paid by private companies and partnership firms should be brought to par. 

“Currently, the income tax rate applicable for private limited companies is 25 per cent whereas the Partnership firms pay 30 per cent in tax,” he said.

In a pre-budget recommendation, the CICU president urged the government to consider a cut in the custom duty imposed on machinery and equipment’s to provide a relief to the MSME sector.   (KNN Bureau)