Government to consider correcting inverted duty structure in key sectors
New Delhi: The Centre will likely address the inverted duty structure affecting domestic manufacturing in key sectors such as textiles, leather, and engineering goods in the upcoming budget, two people aware of the matter told Mint. The finance ministry will likely consult federal think tank Niti Aayog, which is examining tax issues including the inverted duty structure in the engineering, leather, and textiles sectors, one of the people cited above said on the condition of anonymity. Addressing the inverted duty structures in these crucial sectors is vital for maintaining competitiveness, particularly against international rivals, aligning with the government's push for domestic manufacturing. India has been raising import duties since 2014-15 to amend the inverted duty structure for non-free trade agreement countries.
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