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

Tata Motors signs LTS agreement with its employees

Tata Motors has signed a long-term wage settlement (LTS) agreement with its employees. Under the agreement, workmen will get a wage rise of Rs 9,000 per month along with other incentives based on performance.......

Canara Bank invites bids from merchant bankers to manage its $350-500 million MTN issue: Report

Canara Bank has reportedly invited bids from merchant bankers to manage its $350-500 million issue of senior unsecured/tier-II capital bonds under its medium-term note (MTN) programme. The issue size may......

Alembic Pharma gets USFDA's nod for Acetazolamide Extended-Release Capsules

Alembic Pharmaceuticals (Alembic) has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Acetazolamide Extended-Release Capsules, 500......