New Delhi - India has significantly reduced its average customs duty rate to 10.65% from 11.65%, which is at the same levels as prevalent in the Southeast Asian countries, Sanjay Kumar Agarwal, chairman, Central Board of Indirect Taxes & Customs (CBIC) said at a CII-event on Monday.   

Agarwal noted the rate rationalisation exercise in the Budget was carried out with the objective of making the tariff structure simple, ensuring competitiveness of Indian industry and simplifying the tax regime, and added that the exercise was . . .