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,” ...
HPL seeks four years' time to meet export obligations
Source: PTI The petrochemical plant at Haldia is running at 95% capacity consistently Haldia Petrochemicals has sought four years’ time from the Finance Ministry’s revenue department to meet the required export obligation norms after resuming operations from January this year. “We want to meet the export liabilities and for that HPL had approached the revenue department for a time period of four years for meeting the obligatory norms,” director-in-charge of HPL Subhasindu Chatterjee said. The Directorate of Revenue Intelligence (DRI) had slapped a notice on the HPL seeking payment of around Rs.1,500 crore and penalty for not meeting export obligation norms required for availing of advance licenses for zero duty imports. “We are recovering the export markets, the key one being ...
