Breaking News

You are here » Indian-Commodity  :  Commodities  :  Wheat  :  Government raises custom duty on wheat to 30%

25-May2018

Government raises custom duty on wheat to 30%

In order to protect domestic growers from cheap imports, the government has raised the customs duty on wheat to 30% from 20% earlier. The increase in import duty on wheat comes in the wake of record domestic production and fear of cheaper imports from international market, especially from Russia where the production is expected to be better this year. As per the Central Board of Excise and Customs' (CBEC) notification, the import duty on walnut shell has also been increased to 100% from 30% earlier.

The government wants to restrict overseas purchase so that domestic prices of wheat do not come under pressure and farmers get at least the minimum support price (MSP) of Rs 1,735 per quintal fixed for the 2017-18 crop year (July-June). Besides, farmers have almost harvested the 2017-18 wheat crop and the government has procured about 33.3 million tonnes (MT) so far at the support price.

The government, which has procured huge quantity of wheat this crop year, is looking at disposing of the stock to bulk consumers like flour millers at a price of Rs 1,900 per quintal at ex-Ludhiana price. If customs duty was not raised, the government's open sale of wheat could be affected. The government's third advance estimate has pegged wheat output at a record 98.61 MT for the 2017-18 crop year, while the country imported 1.48 MT of wheat during 2017-18 fiscal.


Related News

View all news

Government raises custom duty on wheat to 30%

In order to protect domestic growers from cheap imports, the government has raised the customs duty on wheat to 30% from 20% earlier. The increase in import duty on wheat comes in the wake of record domestic......

Wheat procurement up 16% to 31.87 MT so far

The procurement of wheat has risen by 16% and stood at 31.87 million tonnes (MT) so far in this marketing year and is all set to cross the government's target of 32 MT. As many as 18,326 centres have been......

Government procures 19.31 LT of wheat in current marketing year

The government has procured 19.31 lakh tonnes (LT) of wheat from farmers in the current marketing year so far. The government has fixed wheat procurement target at 320 LT for 2018-19 marketing year, as......

Top News

View all news

Bhansali Engineering Polymers reports 33% fall in Q2 net profit

Bhansali Engineering Polymers has reported results for second quarter ended September 30, 2018.The company has reported 32.71% fall in its net profit at Rs 16.89 crore for the quarter under review as compared......

Biocon, Mylan N.V. receive positive CHMP opinion for Ogivri

Biocon and Mylan N.V. have announced that the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion recommending approval of Ogivri, a biosimilar......

Lupin Neurosciences receives positive CHMP opinion for NaMuscla

Lupin Neurosciences, a specialty pharma division of Lupin has announced that the Committee for Medicinal Products for Human Use (CHMP), the scientific committee of the European Medicines Agency (EMA),......