Export Tariffs in India

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The export tariffs in India aims at doubling India's export and generate additional employment complimenting the stupendous growth of Indian economy. The export tariffs in India is formulated complimenting the export import policy of India which again forms a part of the India's foreign trade policy. The current export tariffs in India as per the EXIM policy of India covers exports tariff rates for different goods and services. The export tariffs in India as per the Indian classification on tariff items which strictly conforms to the "Harmonized Commodity Description and Coding System".

The government of India adopted the "Harmonized Commodity Description and Coding System" through the "Customs Tariff Amendment Act, 1985" with some tailor made amendment to suit the Indian environment concerning excise tax rates. The customs schedule provides with all details for provisions for tariff concessions and exemptions as per government of India export policy. It has all discretionary power to offer full or partial duty exemptions in the general interest of the public. These export tax rates of India are revised every year as per the requirements.

The positive effect of the latest export tariffs in India can be witnessed from the following developments -

Indian exports have an ambitious target of US 160 billion in 2007-08 and in the first two months it grew by 20.3%. This rise was effected on account of the non-oil imports. The Government of India latest export tariff for the exporters will help in stabilizing the export growth levels attained in the 1st quarter of 2007-2008. Ores and minerals exports grew moderately to 12.9% against 37.4% in 2005-06. Similar trend was also observed in the exports of manufacturing sector. The exports of manufactured goods grew moderately by 15% in the first quarter of 2007-2008 as compared to 21.2% in the last fiscal year. High value commodities like engineering goods and rice registered very high growth rate in the 1st quarter of this fiscal against the same period last year. The overall exports suggests that the Indian exports grew considerably across all major exporting destinations.

This is the result of the government of India meticulously structured export tariffs in India. Further, the Indian export tariff saw a quantum increment of Indian exports to Pakistan, UAE and Italy in the first quarter of the current fiscal year. Today, India ranks second in the manufacture of small passenger car segment. It is the worlds largest producer of generic pharmaceutical and its Information Technology sector is registering three figure growth consistently. As a result of which India has become the global export hub for goods and services.