Search Result for : Duty

Source: PTI The Centre may raise import duty on wheat to 25% from the current 10% to restrict overseas purchases when domestic stocks are surplus. In August, the government imposed a 10% import duty on wheat – for the first time since 2006 – after private flour millers started importing from Australia amid sluggish supply of high-protein wheat varieties used to make pasta and pizzas. Millers are resorting to imports despite surplus stocks of other varieties of wheat with FCI, the nodal agency for food grain procurement and distribution. “The Food Ministry has proposed raising import duty on wheat to 25% from 10% to cut imports and protect the domestic market. The matter will be discussed at a meeting with the revenue department ...

PIB, Government of India The Ministry of Shipping is actively considering various measures to promote modal shift of cargo from roads to coastal waters not only to decongest roads but more importantly to harness the higher fuel efficiency of coastal movements vis-à-vis roads, as well as to reduce carbon footprint. One of the issues hindering the growth of coastal shipping has been the levy of customs and central excise duty on bunker fuels which raises cost of transportation. This issue was resolved by Department of Revenue vide Notification No. 31/2014 dated November 11, 2014 by exempting Customs and Excise duty leviable on bunker fuels, namely IFO 180 CST and IFO 380 CST used in Indian flag vessels for transportation of EXIM ...

The Dollar Business Bureau In a move to protect the oil seeds growers and provide level-playing filed to vegetable oil producers, the government has increased the import duty on edible oil by 5%. The duty on crude edible oil has been increased from 7.5% to 12.5% and on refined edible oil from 15% to 20%, the Central Board of Excise and Customs said in a notification issued on Friday. The oil processing industry says the move was necessary to protect domestic producers. According to the Solvent Extractors’ Association of India (SEA), vegetable oil import is expected to reach 14 million tonnes worth $10 billion during the current oil year ending October 2015. Last year, the country’s total import of edible oil was ...

Source: PIB, Government of India The Union Cabinet, chaired by Prime Minister Narendra Modi has approved the proposal of the Ministry of Consumer Affairs, Food & Public Distribution, to reimburse Rs.113.40 crore of losses on pulses imported between 2006-2011. The imported agencies include National Agricultural Cooperative Marketing Federation (NAFED), Project and Equipment Corporation (PEC), State Trading Corporation (STC) and Metals and Minerals Trading Corporation (MMTC), apart from losses incurred in the sale of pulses up to six months after closure of the scheme. This will enable the Central PSUs to intensify trading activities to cool down prices. In order to ensure retail distribution to the consumers, it was decided to import 5,000 tonnes of Tur Dal and 5,000 tonnes of Urad Dal ...

Source: PTI The government is working on several steps, including removing duty anomalies, to boost medical devices manufacturing sector and make it a $50 billion industry in the next five years, a top official on Friday said. Secretary in the Department of Pharmaceuticals, V K Subburaj, said that soon recommendations will be made to rectify the inverted duty structure for the growing medical devices sector. He said departments of health and pharmaceuticals along with the Department of Industrial Policy and Promotion (DIPP) is working on the matter and soon they will make recommendations to the revenue department on the issue. An inverted duty structure impacts domestic industry adversely as manufacturers have to pay a higher price for raw material in terms ...

Source: PTI Expressing concern over problems being faced by domestic steelmakers due to large-scale dumping from abroad, Steel Minister Narendra Singh Tomar on Thursday said the government is looking into the issues related to import duties and Free Trade Agreements(FTA). The minister also said the government is seized of the issues impacting the steel sector and will take a decision in appropriate time, including on import duties. The industry has been demanding further hike in import duty on steel products. “We are closely monitoring the situation and are in consultation with the Ministries of Finance and Commerce and the Prime Minister to decide and reconsider on these FTAs and further increase in anti dumping duties very soon to safeguard the suffering ...

The Dollar Business Bureau Prime Minister Narendra Modi has asked Finance Minister Arun Jaitley to look into the Karnataka government’s proposal seeking a hike in the import duty of raw silk. Karnataka Chief Minister Siddaramaiah met Modi on Monday and sought his intervention to protect silk growers of southern states including Tamil Nadu and Andhra Pradesh. Siddaramaiah was leading a delegation of state MPs, ministers and top leaders in New Delhi. “The delegation also requested for a hike in the import duty of silk to 30 %, to protect the interests of the mulberry growers in the state. The Prime Minister said this request would be examined,” said a statement issued by the prime minister’s office. At present, the government imposes ...

Source: PTI To protect farmers' interests and provide a level-playing field to domestic oilseed processors, industry body SEA on Monday sought increase in import duty on crude edible oil from 7.5% to 25% and on refined oil from 15% to 45%. The import duties were last increased in December. In a memorandum submitted to the government on Monday, Solvent Extractor's Association (SEA) said, “We would like to bring to your kind notice the alarming increase in import of edible oils seriously hurting the domestic farmers and the vegetable oil refiners.” The increase in duties will protect the interest of crushers and also local farmers to sustain their interest in oilseed cultivation, the industry body said in a statement. “The industry requested ...