We have come to a stage where we would have to juxtapose the economic cost of importing oil from Russia with the impact which the high tariffs will have on our exports and job market. And then is the larger question — should the US be dictating with whom we can/should buy what? Notes Najib Shah, former chairman, Central Board of Indirect Taxes & Customs.
(Photo Credit : Network18)
The countdown has started. 21 days from the executive order dated August 6 ‘Addressing Threats to the United States by the Government of The Russian Federation’ is when the additional ad valorem duty of 25% is to kick in on articles of India when imported into the US. The additional duty is being imposed because India is ‘directly or indirectly importing Russian oil’. (Incidentally news is also coming in of the US president and Russian president meeting — we do not know if the additional tariff of 25% will continue if the talks lead to a cease fire in Ukraine).
Continue Reading with
Continue Reading with
CNBC-TV18 Access Membership
Priority Access and Networking: CNBC-TV18’s flagship events
Interaction with CNBC-TV18’s journalists
Webinars & LIVE Q&As with India Inc. Leaders
Exclusive CNBC-TV18 studio & newsroom tours
Premium business insights, expert opinions & analysis
Curated lifestyle privileges & offers
