New Delhi: The government on Wedneday granted special custom duty exemptions to the newspaper and magazine publishing industry.
These included full exemption of custom duty on newsprint as well as uncoated paper used for printing of newspapers, commonly known as glazed newsprint. The government also scrapped custom duty on light weight coated paper used for printing magazines.
In April 2008, the government had reduced the custom duty on newsprint to 3% from 5%. Light weight coated paper attracted concessional customs duty of 5%. Owing to full exemption from excise duty, these items do not attract countervailing duty and they are also exempt from the special additional duty of 4%, a statement issued by the ministry of finance, on Wednesday, said.
The newspaper and magazine publishing sector had sought relief from the government in the wake of the sharp rise in international prices of newsprint, which accounts for 50-55% of their total cost of production.