Govt hikes import duty on wheat to 25% to check imports
Government purchases of wheat from abroad to prevent the import duty is 25 per cent. It was 10 per cent. The government in the wake of the fall in wheat prices in the global market it is decided. The increase in import duty on March 31 by 2016, has been applied for. RBD palm stearin by the government, with methanol and sodium Methoksaid excise duty is removed.
This increase applies to March 31
The Finance Ministry said in a statement, & lsquo; international wheat prices fall and the fiscal first half of the imports increased the potential negative impact in view of wheat basic customs duty from 10 per cent to 25 per cent has been. This growth has been up to March 31, 2016.
The government for the first time since 2006, a 10 per cent import duty on wheat in August this year made. Food ministry protect the interests of the domestic market and increase imports to reduce import duty proposed. Agriculture Ministry was also in favor of an increase in duty.
The emphasis is on import of private companies
Private companies, the highest amount of protein of wheat are imported, because this year was substantial damage to the domestic crop from rain and hail. The world's second largest wheat producer in India in the 2014-15 crop year, wheat production is estimated at Rs 889.4 million tonnes, a record 958.5 million tonnes in 2013-14. The government so far this year, 340 million tonnes of wheat and the years of heavy stock is the carry-over stock.
RBD palm, methanol removed from the excise duty
RBD palm stearin by the government, methanol and sodium Methoksaid is also exempted from excise duty. The statement said, & lsquo; RBD palm stearin used in the manufacture of biodiesel, methanol and sodium Methoksaid has been free from the central excise duty. The decision is up to March 31, 2016. & Rsquo; Currently, biodiesel is exempted from the central excise duty. RBD palm stearin to be used, however, methanol and sodium Methoksaid central excise duty.
Oct 20, 2015.