Budget 2022: PHD Chamber demands removal of custom duty on copper concentrate in the budget

New Delhi. Now less than a month is left for the presentation of the Union Budget (Budget 2022-23). Finance Minister Nirmala Sitharaman is going to present the budget for the financial year 2022-23 (FY23) on February 1, 2022. Everyone is waiting what the Finance Minister announces in this budget. At the same time, the PHD Chamber of Commerce and Industry (PHDCCI) said on Friday that it has suggested the government to remove customs duty on copper concentrate in the upcoming general budget, so that manufacturing of value-added products by domestic companies can be reduced. can be promoted.

At present, the custom duty on copper concentrate is 2.5 percent.
PHDCCI said that by not doing so, the import of these products under free trade pacts will increase. Custom duty on copper concentrate is 2.5 per cent. The chamber also advocated for raising the basic customs duty on refined copper products, cathode of copper from 5 per cent to 7.5 per cent.

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The Chamber said in the pre-budget recommendations that strict norms for scrap recyclers are necessary to avoid becoming a stockpile of metal scrap, so that eco-friendly process can be followed. Apart from this, the chamber suggested imposition of 10 per cent standard custom duty on import of paper and paperboard from ASEAN, South Korea and China.

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This will be the schedule of the general budget 2022 session
Significantly, the budget session of Parliament will begin with the President’s address to both the houses on January 31 and will end on April 8. According to news agency PTI, sources have given this information citing the recommendation of the Cabinet Committee on Parliamentary Affairs on Friday. On 1 February 2022, the general budget will be presented in front of the country. The first part of the session will end on February 11. After a month’s break, the second part of the session will start from March 14 and will end on April 8.

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