Budget 2022: Sitharaman proposes a customs duty cut on certain chemicals

In her Budget announcement, Finance Minister Nirmala Sitharaman proposed a customs duty cut on certain chemicals - including methanol - to promote domestic manufacturing.

The chemicals were not the only one to see a duty reduction, with cut and polished diamonds and gemstones getting a 5% reduction.

Certain anti-dumping duties and countervailing duties on certain steel products are being revoked due to high prices, she noted.

"Unblended fuel to attract additional excise duty of Rs 2/litre from October 1 to promote blending biofuels in petrol and diesel," the Finance Minister added.