FM Sitharaman proposes cut in customs duties on certain chemicals

Finance Minister Nirmala Sitharaman on Tuesday proposed to reduce customs duties on certain chemicals, including methanol, to promote domestic manufacturing.

She also announced a reduction in customs duty on cut and polished diamond, gemstones to 5 per cent.

Besides, she said that the government will introduce IT-driven reforms for special economic zones (SEZs) and concessional rates on capital goods, and project imports would be phased out.

Certain anti-dumping duties and countervailing duties on certain steel products are being revoked due to high prices, she noted.

"Unblended fuel to attract additional excise duty of Rs 2/litre from October 1 to promote blending biofuels in petrol and diesel," she said.