Top Menu

Market Research
Search India Import/Export data to understand your markets and monitor your competition.

20+ Country Market Analysis Report

Export Import Market Report

demo

Find Sales Prospects
Instantly generate lists of potential customers based on trade activity.

Find Sales Prospects

Instantly generate lists of potential customers based on trade activity.

Request Sample Data

Evaluate Suppliers
Search for new suppliers, monitor existing ones and keep track of trends.

Access the world's largest and most comprehensive database of International trade. Whether you are looking to generate leads locally or expand your business globally, TRADE GENIUS has what your business needs.

SL2
DATA FROM 30+ COUNTRIES
Import and Export data from Globally, USA, UK, RUSSIA, and CHINA
SL2
Market Analysis Report
Based on Global Import Export Data
SL2
60,000,000+ SHIPMENTS
Records include product details, FOB values, HTS codes, and much more.
demo
Monitor Competitors
Tailor a solution specific to your industry, with deep expertise in Chemicals, Transportation, and more.
contact

Mail us: info@tradegeniusindia.com

On wheat, palm oil, refined oils India reduces import duty

Import Duty

On wheat, crude palm oil, and refined vegetable oil India has reduced import duty to control the rising price. Mentioning these facts the Finance Ministry passed an order on Friday.

From 25% to 10% tax has been cut down on wheat import. The center has also slimmed down by 5%, the tariff on import of both crude palm oil and refined edible oils taking them to 7.5% and 15% respectively.

In the world, India is regarded as the second largest wheat producer. As the wheat crop of India has fallen down a lot from the high of 2014-15, so in last ten years, the stockpile has gone down to the lowest floor. To create high records, the local prices have increased.

In 2016, 600,000 tonnes of wheat imported by Indian domestic traders and it is the highest record in past nine years.

25% import levy should be removed to make the imports nominally priced. The traders are expecting this from the finance ministry.

On the import of crude palm oil and refined edible oils, there is a decrease in tax and the Indian Vegetable oil industry is not happy with it. We’re a bit disappointed as we’re on the verge of reaping a new oil seed crop. Atul Chaturvedi who is the President of Solvent Extractors Association of India said that the reduction in the duty will put pressure on local oilseed prices.

Domestic prices of vegetable oil have increased by a fifth in the last 3 months. Chaturvedi added that to support the domestic refining industry, the government should have rather raised the differential between the duties of crude and refined oils.

Hello. Add your message here.