Search Result for : Import Duty

China imposes tariffs on 128 US products, escalates trade war

The Dollar Business Bureau In retaliatory action against the duties on aluminium and steel by the US, China has imposed new tariffs of up to 25% on 128 US products ranging from frozen pork to wine and certain fruits to nuts, escalating the fears of a possible trade war between the two largest economies of the world. The imposition tariffs by Beijing are in response to the 25% on duty on steel and 10% on aluminium that have been levied by the President Donald Trump, according to a statement by the Chinese Finance Ministry on Sunday. However, Trump has temporarily excluded imports from the countries such as European Union, Brazil, Canada, Argentina, Australia, South Korea and Mexico.  Over the past few weeks, Chinese officials ...

Govt allows export of 2 MT sugar till Sept 2018 to clear surplus

The Dollar Business Bureau In a bid to further ease the sugar exports and to clear surplus stocks, the Government on Wednesday allowed export of 2 million tonnes of the sweetener till the end of the current marketing year (October to September). Earlier, the Government has scrapped the 20% export duty and doubled the duty on sugar imports to 100%. Besides, the Government has permitted the exports of white sugar until September this year under the scheme of Duty Free Import Authorisation (DFIA), in which exporters can import sugar duty-free within the next three years, till September 2021. Sugar mills in the country have to pay Rs.13,899 crore to sugarcane farmers as on March 21, 2018, as per the official data. Sugar mill are allowed ...

Industry demands hike in import duty on sunflower, soybean oils

The Dollar Business Bureau Solvent Extractors' Association (SEA) on Monday sought increase in duty on sunflower and soybean oils in order to protect interests of farmers. However, the edible oil industry welcomed the Government’s move of increasing the duty on the imports of crude and refined palm oils. Recently, the Government has increased import duty on crude palm oil to 44% from 30%, whereas custom duty on refined palm oil and refined palmolein has been increased to 54% from 40%. “We had been representing to the Government to increase duties on imported oils as our dependence on them has reached alarming levels of almost 70% of our consumption. We are happy at this hike,” SEA said in a statement. However, the industry body expressed ...

ASSOCHAM urges Govt to impose 10% customs duty on pulp imports

The Dollar Business Bureau The apex industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM), in its pre-budget recommendations, urged the Government to levy a 10% customs duty on hardwood chemical pulp and bleached chemi-thermo mechanical pulp (BCTMP) imports in order to promote production of pulp in the country. The industry said that this would provide a fillip in creating jobs and support overall economic development of the country’s vast rural hinterland which covers pulpwood plantations. “These measures would help energise creation of sustainable sources of fibre required by Indian pulp and paper industry,” ASSOCHAM said in a statement on Tuesday. It also asked for policy measures for facilitating participation of private sector in plantation development programmes. As per estimates, India imports more ...

Govt levies 30% import duty on Chana, Masoor

The Dollar Business Bureau In order to protect the interests of farmers, the Government on Thursday imposed an import duty of 30% on masoor (red lentil) and chana (chickpeas) to support domestic prices. Earlier, there was no import duty on these pulse varieties and these could be freely imported. “The Government has decided to impose 30% import duty on chana (chickpeas) and masoor (lentils), with immediate effect,” Ministry of Finance said in a statement. “Production of chana and masoor is expected to be high during the forthcoming Rabi season, and cheap imports, if allowed unabated, are likely to adversely affect the interest of the farmers,” it added. According to the Ministry of Agriculture data, plantings of gram were 14% higher on yearly basis till the end of last ...

Import tariff rate on specified electronic goods under first Schedule to the Customs Tariff

Dated 14th December, 2017 | Copy of | Notification No.91/2017-Customs WHEREAS the Central Government on being satisfied that the import duty leviable on certain goods and parts thereof, falling under chapters 85, 90 and 94 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), should be increased and that circumstances exist which render it necessary to take immediate action. NOW, therefore, in exercise of the powers conferred by sub-section (1) of section 8A of the said Customs Tariff Act, the Central Government, hereby directs that the First Schedule to the said Customs Tariff Act, shall be amended in the following manner, namely:- In the First Schedule to the said Customs Tariff Act,- (a) in Section ...

Govt raises import duty on edible oils to boost local prices

The Dollar Business Bureau The Government has raised the import duty on nearly all the edible oils in a bid to control cheap imports and to boost domestic prices to support the local refiners and farmers.  “Import duty on crude palm oil has been increased to 30% from 15% and on refined oil to 40% from 25%,” according to notification (No.87/2017-customs), issued by the Department of Revenue, Ministry of Finance. Import duty on sunflower oils, soyabean oil, canola/mustard oils, including crude as well as refined format, has been increased, the notification said. The basic custom duty on crude palm oil has been doubled to 30%, whereas the import duty on refined crude palm oil been raised to 40% from the current 25%, it said. In addition, ...

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 ...

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