The domestic tile industry has been suffering at the hands of cheap imports. But the situation may change, thanks to Finance Minister Nirmala Sitharaman’s proposals for the industry in her maiden Budget. “The Budget will safeguard the domestic ceramic tile industry from cheap imports,” Kamlesh Patel, CMD, Asian Granito says. “Finance Minister’s proposal to increase basic customs duty on tile and ceramic products to 15% from the existing 10% will strengthen the domestic industry.”
Patel adds that enhanced interest deduction up to Rs 3.5 lakh for purchase of affordable houses will translate into a benefit of around Rs 7 lakh, and help in achieving ‘Housing for All’. He is also upbeat about the doubling of customs duty on marble slabs to 40% from the present 20%, to address the problem of duty inversion. “Tax reforms and tax simplification measures, especially moving to the electronic invoice system from January 2020, will significantly reduce compliance issues.”
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