India to forego approx. $190 million after ending petchem import tax, says Indian tax official

Record ID: 2373162

  • Title: India to forego approx. $190 million after ending petchem import tax, says Indian tax official
  • Date: 2nd April 2026
  • Summary: NEW DELHI, INDIA (APRIL 02, 2026) (ANI - No use India) INDIAN GOVERNMENT OFFICIALS SITTING (SOUNDBITE) (English) MEMBER, TAX POLICY, CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS, SANJAY MANGAL, SAYING: "In the light of ongoing conflict in West Asia and the consequent disruptions in global supply chains, Government of India has decided to provide full customs duty exemption
  • Embargoed:
  • Keywords: 400 cannisters seized CBIC Hyderabad Import tax Iran crisis Jaiswal Japan LPG crisis Petrochemical Sanjay Mangal Strait of Hormuz Sujata Sharma kerosene
  • Location: NEW DELHI, INDIA
  • City: NEW DELHI, INDIA
  • Country: India
  • Topics: Asia / Pacific,Conflicts/War/Peace,Military Conflicts
  • Reuters ID: LVA001O1ZFL8V
  • Aspect Ratio: 16:9
  • Story Text:India will forego 18 billion rupees ($193.02 million) in revenues after New Delhi's decision to abolish import tax on petrochemicals used for making plastics and pharmaceutical goods for three months, said Indian tax official on Thursday (April 02).
    The conflict, which began at the end of February after the United States and Israel attacked Iran, has ⁠effectively closed the Strait of Hormuz, which is typically the route for about 20% of the world's oil flows. As a result, energy and freight costs have surged and global supply chains are under severe strain.
    The decision to end the levy came as the government invoked emergency powers and diverted local chemicals for production of cooking gas to address shortages caused by the Gulf war.
    India seized around 400 cooking‑gas canisters hidden in a graveyard in southern Hyderabad city and arrested those involved in trying to sell them on the black market amid shortages due to the Iran war, said joint secretary in India's oil ministry, Sujata Sharma, on Thursday.
    To ease the pressure on LPG supplies, India has been promoting the use of alternatives such as kerosene, coal and biogas, while accelerating the rollout of piped natural gas for households.
  • Copyright Holder: ANI (India)
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