‘We need a graded approach to include petro products under GST’
We routinely undertake an exercise of the conditional notification. And within two years, we have to take that exercise, and in case we find that exemption need not be continued, we allow that exemption to lapse. In certain cases, this condition is waived, depending on the type of exemption that has been given.
The idea is that we want to reduce the number of customs duty rates. In this Budget also, we are seeking to give impetus to domestic manufacturing and, in certain cases, we want to strengthen the supply chains, and help its diversification. We wanted to give certain duty concessions to industries which are in exports.
And in some cases where there is an onslaught of cheap imports, such cases have been considered... and likewise where there is duty inversion, those cases also have been addressed. So, if I give a specific example, that in the case of critical minerals 25 in numbers, there is no mining of such minerals in India and the entire demand is met from imports. So, there were varying rates of duty 2.5% or 7.5%, where the exemption has been provided so that these minerals are imported and processed in the country.
And for further use in various sectors, maybe it can be electronics, telecommunication or in renewable energy devices or in defence of the space sector.
