The United States has canceled the import tax deduction on India - ViiralFest - Latest News and Trending News

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Friday, November 2, 2018

The United States has canceled the import tax deduction on India

The United States has canceled the Import tax deduction on at least 50 items in India...

    The White House notification issued a list of nearly 90 products that have been Tax deduction under the Prevention General System (GSP). The US President Donald Trump has issued a statement last Tuesday. Import tax exemption on these products will be canceled from today. 

US President Donald Trump
    GSP is America's oldest and largest business Priority program for exporting thousands of products to Specific Countries. It was part of the two countries' Economic development program. India is at the forefront of gaining the benefits of the GSP system

    At least 50 products are objects of India when they look at the US-listed items. Last year, India had exported more than $ 5.6 billion in taxes to GSDP from India

    But the decision taken by Donald Trump now will affect the Exported goods from India. Small and medium sized enterprises will also be hurt. Financial experts have pointed out that most of them are mainly on Handloom and Agricultural products

     Apart from India, the US GSP list has also been removed from Argentina, Brazil, Thailand, Suriname, Pakistan, Turkey, the Philippines, Ecuador and Indonesia.

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