Govt scraps 20% export duty on sugar
The Dollar Business Bureau The Government has removed the duty on sugar export in order to improve international sales of the sweetener and lift its local prices as the country is facing excess production of the commodity. Currently, there is an export duty of 20% on raw sugar, white or refined. “In order to promote exports with the objective of evacuating surplus stocks from the country, the Government has decided to remove customs duty on export of sugar from its current level of 20% to zero percent,” Ministry of Consumer affairs, Food and Public Distribution said in a statement. “This will also help in maintaining demand and supply balance and thereby stabilising the domestic sugar prices in the country,” it added. The impact of the ...
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 ...
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,” ...
Amid export slump, sugar production up 6.5% till December
Since there is no parity on exports of raw sugar due to high cost of sugarcane in India and depressed global prices, the Indian exporters see a little benefit in exporting raw sugar to overseas markets The Dollar Business Bureau Indian sugar mills have received exports orders of about 0.8 million tonnes and have dispatched around 0.3 million tonnes so far Indias sugar production grew by 6.5% to 7.98 million tonnes during the first three months of 2015-16 season beginning October compared to the last season, adding to the already piled up stock of the sweetener amid export slump. Sugar output during October-December period in 2014-15 was 7.49 lakh tonnes. Among the sugar producing states, Maharashtra topped the list with 3.37 lakh tonnes, followed ...
Govt asks sugar mills to export 4 mn tonnes by Sept 2016
The Dollar Business Bureau In an effort to improve liquidity of sugar producers and clear the surplus stock of the sweetener, the government has fixed the export target of 4 million tonnes for the next sugar season beginning October. “Minimum Indicative Export Quotas (MIEQ) are being specified for 2015-16 sugar season commencing from October 1, 2015. Export quotas of 40 lakh tonnes of all grades of sugar ; namely raw, plantation white as well as refined, have been prorated amongst sugar factories, by taking into account their average production of three years including the current (estimated/provisional) and last two sugar seasons,” Food Ministry said in a circular issued on Friday. New factories starting production for the first time during 2015-16 sugar seasons ...
