Search Result for : Import Duty

Central government allows import of 3 lakh MT of raw sugar at 25% duty

The Dollar Business Bureau The Central government has allowed imports of 3 lakh metric tonnes of raw sugar at a concessional rate of 25% tariff duty. The sugar can be imported only through southern ports such as Tuticorin, Chennai in Tamilnadu, Karaikal in Puducherry, Mangalore in Karnataka, Kakinada, Vishakhapatnam and Gangavaram in Andhra Pradesh. According to the notification released by the DGFT No- 27/2015-2020 dated September 7, 2017, the validity of the tariff duty of 25% is for 60 days ie until the 1st week of November. The move to allow the imports of raw sugar by the government comes after sugar mills in Tamilnadu sought permission to import the commodity duty-free. Harvesting of sugar in the state has come down drastically due to ...

Gujarat textile industry demands heavy import duty on Chinese fabrics

The Dollar Business Bureau Textile industry of Gujarat is demanding imposition of heavy duty on the imports of fabrics from China in order to protect small and medium enterprises (SMEs) of the State. Apex trade body Southern Gujarat Chamber of Commerce and Industry (SGCCI) and Pandesara Weavers' Coooperative Society Ltd has submitted a representation to the Ministry of Commerce and to the Confederation of Indian Industries (CII) demanding an for imposition of import duty on the Chinese fabrics to safeguard the SMEs in Surat. SGCCI has raised apprehensions about the heavily under-invoiced fabrics import from China and said that the import has touched over Rs.5,500 crore in the past one year, but it could be more than Rs.10,000 crore. P M Shah, President, SGCCI said, “The Government of China provides ...

Indias proposal on services trade gets mixed response at WTO

The Dollar Business Bureau India’s proposal on Trade Facilitation Agreement (TFA) in Services at the World Trade Organisation (WTO) has got mixed response from the member nations, Commerce and Industry Minister Nirmala Sitharaman has informed the Parliament. India had circulated the proposed draft text on the TFA in Services at WTO in February this year. The draft has been discussed at relevant bodies of the WTO, said Sitharaman said in a written response to the Rajya Sabha. The proposal offers an outline for addressing various barriers to trade in services in a holistic and comprehensive manner, she said. “India’s proposal received a mixed response from the WTO members. Some members appreciated India’s proposal as being comprehensive in scope and well balanced,” the Minister said. “However, various developing and developed ...

Govt hikes import duty on sugar to 50%

The Dollar Business Bureau The government on Monday hiked the duty on raw sugar imports to 50%, in order to control the cheap imports of the commodity and to maintain the prices in the domestic market.  “Import duty on raw sugar, refined or white sugar and raw sugar if imported by a bulk consumer has been increased to 50% from the current 40% rate with immediate effect and without an end date,” Department of Revenue said in a notification (No.66/2017-Customs) dated July 10, 2017. The Government’s move will improve the paying capability of sugar mills owners to farmers for their cane supplies, as per the sugar industry.  Welcoming the government’s move, Abinash Verma, Director General, Indian Sugar Mills Association (ISMA) said in a statement, ...

Government likely to hike import duty on sugar to 60%

The Dollar Business Bureau The government is likely to increase the duty on the import of sugar to 60% from the present 40% in order to control the cheap imports and to maintain local prices.  Any decline in the domestic prices of sugar will impact the millers' capacity to pay sugarcane dues to farmers. In the wake of lower sugar production expected during the current marketing year of 2016-17, the government, in April, had permitted 5 lakh tonnes of raw sugar import at zero duty in order to boost local supply.  “We are monitoring global price movement closely. Prices in the international market are falling and some traders are keen to import even at high customs duty. So, we are considering raising the import duty,” ...

Local oilseed crushers want government to raise import duties on edible oils

The Dollar Business Bureau The Indian government is under pressure from the local oilseed crushers to raise the import duties on edible oils after domestic oilseed prices slumped way below the government support levels.  Cheap edible oil imports from Malaysia, Brazil, Indonesia and Argentina are crushing the demand of local oilseeds like rapeseed and soybeans while farmers are struggling to compete with them. The prices of local oilseeds slumped to a new low, over the past 14 months due to bumper crop production.  Affluent oilseed farmers are pressurising the government to increase the import duties to encourage domestic oilseed cultivation for 2017-18.  Davish Jain, Chairman of the Soybean Processors Association while speaking to the press said, “It's high time to do it. The sowing ...

Gold imports drop 13.5% to $27.4 bn in 2016-17

The Dollar Business Bureau Gold imports of India dropped by around 13.5% to $27.4 billion in the last financial year, which is likely to keep a tap on the mounting current account deficit (CAD). In 2015-16, the country’s overall imports of the yellow metal stood at $31.7 billion. As per the industry experts, one of the reasons for the drop is softening prices of the precious metal in the domestic as well as international markets. The decline in imports has helped in narrowing down of the trade deficit to $105.7 billion in 2016-17 compared to $118.7 billion in the previous fiscal. However, on a monthly basis, the imports of gold surged to $4.17 billion in March compared to $974 million in the same month year-ago, ...

Customs exempts import duty on cut and polished diamonds to authorised agencies and offices

The Dollar Business Bureau The government has exempted the customs duty payable on the imports of cut and polished diamonds during the period from the March 9, 2012 to March 1, 2017. The given benefit is applicable on diamonds of 0.25 carat and above that are exported abroad for certification and grading. In its latest notification No.21/2017-Customs dated May 23, 2017, the office of Customs says, “the Central Government, hereby, directs that the whole of duty of Customs and additional duty of Customs, if any, payable on the import of such cut and polished diamonds during the period from the March 9, 2012 to March 1, 2017 by the authorised agencies/offices in India of laboratories mentioned under para 4.74 of the Hand Book of Procedure, but for ...

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