Cost of production of farm machinery will come down
The government is focusing on increasing production by mechanising the agriculture sector. Customs duty on import of farm machinery parts has been substantially reduced so that consumers can buy them at a low cost.
The budget for FY 2020-2021 proposed to reduce the tax on imported farm machinery. The customs duty on roller chain, ball bearing, steering wheel parts (rim), blower for grain dryer, coated electrodes of base metal has been proposed to be reduced from 10 percent to one percent and the customs duty on tires and tubes has been proposed to be reduced from five percent to one percent.
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