Krishi VaartaDainik Bhaskar
30% Increase in customs duties on wheat, farmers relieved
The government has increased the customs rate on wheat from 20% to 30% by handling cheap imports of wheat and noting the interests of domestic producers. Besides, import duty on walnut shell has increased from 30% to 100%. Central Board of Indirect Taxes & Customs (CBIC) gave this information by issuing late night notification on Wednesday.
Considering the record production of domestic markets and cheap import concerns, especially from Russia, a a decision has been taken to increase the import duty on wheat. Experts said that the government wants to restrict the purchase of wheat from global markets so that the domestic prices of wheat do not come under pressure and for 2017-18 crop year (July-June), farmers can get a minimum support price (MSP) of at least 1,735 rupees per quintal. According to official data, farmers have almost completed the harvesting of 2017-18 wheat crop and the government has purchased 3.33 million tonnes of wheat so far at its support price. According to a flour mill owner, if the government did not increase the customs duty, then its wheat sales would be affected. During 2017-18, 14.8 million tonnes of wheat was imported into the country.
References - Dainik Bhaskar 25 May 18