New Delhi, Feb. 3 -- The Central Board of Indirect Taxes & Customs (CBIC) has implemented comprehensive changes to the nation's tariff structure by eliminating several high tariff rates.

CBIC Chairman Sanjay Kumar Agarwal announced that the restructuring initiative has successfully removed seven elevated tariff rates, primarily focusing on industrial goods while maintaining existing rates for agriculture and textile sectors.

The extensive review encompassed approximately 8,500 tariff lines related to industrial goods out of a total of 12,500 lines.

This strategic revision has resulted in a notable reduction in average customs duty rates from 11.65 per cent to 10.66 per cent, bringing India's tariff structure more in alignment with ASEA...