India’s Finance Minister Nirmala Sitharaman has delivered the budget for the financial year 2022-23. The budget will exempt capital goods like leather, footwear and textiles from customs duty, with a view to assisting exporters of leather apparel, leather footwear and other goods.
With regard to leather, the customs duty of 11% duty has been removed for export only and will remain in place imports of wet-blue, crust and/finished leather; there is no duty on imports of wet-salted, pickled and other pre-tanned materials. Additionally, on the other hand, the export duty on hides, skins and leather has been reduced from 40% to 30%.
