| Polymer |
Basic Rate of
Polymer in Rs./Kg |
Escalation between
May 2003 and August 2004 |
| |
May 2003 |
August 2004
|
Increase |
| Polystyrene |
40.50 |
71.43 |
30.93 |
76.37% |
| HDPE |
32.30 |
54.00 |
21.70 |
67.18% |
| PP Homo Polymer |
38.15 |
52.95 |
14.80 |
38.79% |
| PP Copolymer |
39.85 |
55.15 |
15.30 |
38.39% |
| LLDPE |
33.20 |
54.00 |
20.80 |
62.7% |
Plastics have a very vital role in each thrust area that has been
identified by the Finance Minister in the Budget 2004-05. Most unfortunately
a combination of customs duties, excise duties and sales tax levies
along with other Policy restraints, serve to retard the growth of
plastics and present artificial barriers to its wider use, in those
applications which are of vital importance to Nation building.
Organization of Plastics Processors of India has frequently represented
to the Hon'ble Finance Minister to reduce the Import Duty on Plastic
Polymers to 10% from the peak rate of 20% and reduction of CENVAT
from the high rate of 16% to 8%. The Import Duty on Plastic Polymers
in neighbouring countries is much lower as shown
| Country |
Rate of Import Duty (%) |
| Nepal |
4 (11% - refund of 7% on Exports) |
| Bangladesh |
5 VAT |
| Sri Lanka |
Customs Duty on Imports from India 1.95%
General Customs Duty 3%
|
Organization of Plastics Processors of India wants the same analogy
to be applied to plastic polymers.
To what extent do you feel that this steep hike in polymer prices
will affect the growth of the plastics industry?
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HERE TO VOICE YOUR OPINION AND YOUR FEEDBACK