Import Duty on Commercial Products

Representations have been received in the Ministry of Finance from State Governments of Karnataka and Andhra Pradesh to hike Import Duty on Raw Silk from 10% to 30% or at least to15%.

 The proposal for reduction in basic Custom Duty on Raw Silk from 15% to 10% was received in Ministry of Finance from Ministry of Textiles. The same was examined and Duty on Raw Silk (not thrown) was reduced from 15% to 10%, vide Notification No. 28/2015-Customs, dated 30th April, 2015 (G.S.R. 338(E), dated 30.04.2015). Ministry of Textiles is the nodal Ministry for matters relating to Silk and Central Silk Board monitors price of cocoon and yarn, arrival of cocoon and silk yarn in important markets, quantity of yarn/ raw silk being imported and change in price/ quantity, etc. Besides, the sericulturists are assisted under the ongoing schemes of the Central and State Governments as per field requirements. The prices of silk are dependent on various factors such demand and supply and other market conditions.

 This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Lok Sabha .