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It was reported that India’s Ministry of Finance and government officials have started discussions on the import tariffs reduction on commodities such as steel, aluminum, and copper, in order to ease the cost pressure brought by surging commodity prices on micro-, small-, and medium-sized enterprises, as well as ensuring other industries could recover from the impact of the COVID-19 epidemic.
India’s current import tariff is 7.5% for steel, 10% for aluminum, 5% for copper, 10% on polymer, and an 18% integrated goods and services tax is imposed on all products.
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