Business News Agency February 18 News The Ministry of Commerce of Bangladesh recently revealed that the Inland Revenue Department under the Ministry of Commerce of India issued a notice on February 14, 2011 to cancel the decision to impose a 14% tariff on Bangladeshi jute and jute products.
Previously, the Indian government announced on January 18, 2011 that it imposed a 14% tariff on Bangladeshi jute and jute products, including 8% countervailing duty (CVD), 4% additional tax, and 2% other expenses.
Prior to taxation, Bangladesh’s jute and jute products were all free of tariffs on Indian exports prior to 2004.
However, the decision of the Indian government to eliminate taxation has resolved the deadlock of 3 billion jute products from Bangladesh on India.
Bangladesh's jute industry has gradually begun to recover from the global economic recession, and the demand for jute products in the global market has increased. However, Bangladeshi jute exporters said that taxes on jute products have weakened the competitiveness of jute products.
Indian traders also pointed out that the sudden taxation of natural fibres is unfair. They even added that Indian law does not support the collection of such taxes.
Previously, the Indian government announced on January 18, 2011 that it imposed a 14% tariff on Bangladeshi jute and jute products, including 8% countervailing duty (CVD), 4% additional tax, and 2% other expenses.
Prior to taxation, Bangladesh’s jute and jute products were all free of tariffs on Indian exports prior to 2004.
However, the decision of the Indian government to eliminate taxation has resolved the deadlock of 3 billion jute products from Bangladesh on India.
Bangladesh's jute industry has gradually begun to recover from the global economic recession, and the demand for jute products in the global market has increased. However, Bangladeshi jute exporters said that taxes on jute products have weakened the competitiveness of jute products.
Indian traders also pointed out that the sudden taxation of natural fibres is unfair. They even added that Indian law does not support the collection of such taxes.
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