FinMin, commerce ministry seized of issue of duty structure: Suman Bery

Niti Aayog Vice Chairperson Suman Bery on Friday said the finance and commerce ministries are seized of the matter related to inverted duty structure, but did not elaborate pointing out that the next Union Budget was round the corner.

Finance minister Nirmala Sitharaman will announce the tax proposals in the Union Budget 2023-24 which is scheduled to be presented to the Lok Sabha on February 1.

Replying to queries during the CII Global Economic Policy Summit 2022 here, Bery said Niti Aayog has been doing "some internal work" on the issue of inverted duty structures.

Also, both the finance ministry and the commerce ministry are seized of the issue, he added.

"But you know, since we are approaching budget time, I don't want a headline that promises that this is going to be, you know, on the agenda. So I just say I hear you and I will take it back," the Niti Aayog Vice Chairperson said.

Inverted duty structure refers to taxation of inputs at higher rates than finished products that results in build-up of credits and cascading costs.