My India First

My India First

Fundamental Duties On 8 US Merchandise To Keep, Solely Retaliatory Tax Gone: Official

The objects on which the retaliatory tax has been eliminated embody lentils, almonds, walnuts and apples.

New Delhi:

The fundamental customs duties and different levies will proceed on eight merchandise, together with apple and walnut from the US in addition to different international locations, a senior authorities official stated on Friday.

Extra Secretary within the Division of Commerce Peeyush Kumar stated that India had imposed retaliatory customs duties on 28 American merchandise in 2019 in opposition to US measure to impose duties on sure metal and aluminium merchandise.

He added that India has withdrawn solely retaliatory obligation on eight merchandise – chickpeas, lentils, almonds, walnuts, apples, boric acid, diagnostic reagents – in 2023 and the worth of imports into India from the US stood at $1.08 billion in 2022-23.

In return, India has gained market entry for indefinite interval into the US by way of commitments for granting approval to 70 per cent and 80 per cent of exclusion requests, respectively, for Indian metal and aluminum merchandise.

Complete quantity accepted is 3.36 lakh MT (metric tones) and its whole worth is $ 1.01 billion, Mr Kumar advised reporters right here.

“The present BCD (fundamental customs obligation) charges for all of the 8 merchandise together with relevant surcharge, cess, IGST, and many others. prevails for these imports from all of the international locations together with the US,” he stated.

As well as, he stated, Indian apples can be shielded in opposition to dumping of low high quality and predatory pricing by way of the Minimal Import Value (MIP) of Rs 50 per kilogramme for imports from all international locations besides Bhutan.

The retaliatory duties eliminated are 10 per cent on chickpeas, 20 per cent on lentils, Rs 7-20 per kg on almonds,; and 20 per cent every on walnuts, apple, boric acid, and diagnostic reagents.

The BCD on these items are 60 per cent on chickpeas, 30 per cent on lentils, Rs 35-100 per kg on almonds, Rs 100 per cent on walnut; 50 per cent every on apples, 7.5 per cent on boric acid, and 10 per cent on diagnostic reagents. 

(Aside from the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)

Source link