India Implements 4% Taxation System for Bengal Jute Products

Since October 11, 2011, India has imposed a 4% taxation system on jute products imported from Bangladesh, which has caused a major blow to the country's Jute Industry.

According to BJSA Mohammad Shams-uz-Zoha, the Indian government originally planned to implement the tax system in Delayed indefinitely.

The Indian government once again imposed a tax on the Bangladesh jute products without prior notice, which brought a second blow to the Bangladesh jute industry.

The industry fell in August this year due to the exchange rate of the Indian Rupee against the U.S. dollar, resulting in the Indian importers being unable to smoothly purchase the Jute products worth a total of 3.5 billion dharka (1 US dollar to 76 dhuka).

This issue was resolved through the proposal of Mengshang to settle the accounts in euros.

According to BJSA's predecessor, Ahmed Hossain, Bangladesh's jute products were recently affected by political problems in the Middle East and North Africa, and the price of jute yarn fell from US$750 to US$400 per metric ton, so the merchant shifted its main market target to In India and Mainland China, if the Bangladesh government does not actively negotiate with India to resolve this issue, the Bangladeshi jute industry will be in deep trouble.

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