Request to roll back Customs duty on newsprint turned down
Finance Minister Nirmala Sitharaman has said the duty was in place to promote domestic manufacturers
Finance Minister Nirmala Sitharaman has turned down the request for a rollback on 10 per cent Customs duty on newsprint, as per media reports.
The minister has said the duty was in place to promote domestic manufacturers.
A representation had been made before the minister by the newspaper industry asking for a rollback of the duty that was announced in the Union Budget. The argument made was Customs duty would put “pressure on the bottom line”.
The Indian Newspaper Society had appealed to the government last month, saying: "Publishers of newspapers and magazines are already reeling under severe financial pressure due to many factors like lower advertisement revenues, higher costs and digital onslaught from technological giants. Small and medium newspapers will go into deeper losses and many of them will be forced to close down."
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