TaxTMI 
TaxTMI 
Government announces custom duty exemption for newsprint
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....overnment announces custom duty exemption for newsprint <br>News and Press Release<br>Dated:- 12-2-2009<br><BR>The government today (11-2-2009) announced special custom duty exemptions to the newspape....
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....r and magazine publishing industry in the country. These concessions have been announced in view of the current economic slowdown particularly affecting the newspaper industry. The concessions announc....
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....ed today by an official notification by Finance Ministry are as follows- (i) Customs duty has been fully exempted on 'newsprint', as well as on 'uncoated paper used for printing of newspapers'-commo....
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....nly known as 'glazed newsprint'; (ii) Customs duty has been fully exempted on 'light weight coated paper used for printing magazines'. The newspaper and magazine publishing sector has sought relie....
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....f from the Government in the wake of sharp rise in international prices of newsprint and light weight coated paper (used for publishing magazines), which has resulted in a significant increase in publ....
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....ishing costs. Falling advertising revenues due to the recent economic slowdown have also afflicted this sector. Government had earlier provided a concessional customs duty rate of 3% on newsprint (w....
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.....e.f 29.4.2008). Light weight coated (LwC) paper attracts concessional customs duty of 5%. Owing to full exemption from excise duty, these items do not attract countervailing duty. They are also exemp....
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....t from the Special Additional Duty of 4%.<BR> News - Press release - PIB....