The government has reduced the tariff rate on raw materials imported by industries.
Finance Minister Yubaraj Khatiwada said that the customs duty on raw materials would be reduced by one level as compared to the import of finished goods.
In his budget speech for the coming fiscal year, Khatiwada said that the excise duty on more than a dozen items has also been removed.
He announced a rebate on value-added tax on the import of raw materials required for masks and sanitizers.
He said that the health risk tax on cigarettes, gutkha and betel spice has been increased.
Apart from aviation fuel and LP gas, there has been a modest increase in customs duty on petroleum products.
He also said that the excise duty on all types of imported furniture has been increased for the promotion of indigenous furniture.
He announced that the customs duty on medicines and agricultural mechanization required for the treatment of agricultural crops and livestock has been reduced.
He said that the customs duty on rice, maize, wheat and vegetable seeds has been reduced.
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