Business

Citing circumstances for immediate action, the government hiked the import duty on five items

 

Invoking “emergency powers” to increase import duties under Section 8A of the Customs Act, the Finance Ministry increased basic customs duty on walnut in a shell from 30 percent to 100 percent

The duty on shelled almond was hiked to Rs 100/kg from Rs 65/kg, while that on wheat, the basic customs duty has been increased to 30 percent from 20 percent. Import of protein concentrate will now be subject to 40 percent duty, up from 10 percent. However, the duty on protein concentrate and textured protein substance has been raised to 40 percent, from 30 percent, according to notifications issued by the Central Board of Indirect Taxes and Customs (CBIC).

The government had last week told the World Trade Organization (WTO) that it would raise duties by up to 100 percent on 20 products such as almonds, walnut, wheat, apple and specific motorcycles imported from the US if Washington fails to roll back high tariffs on certain steel and aluminium items.

On March 9, US President Trump imposed heavy tariffs on imported steel and aluminium items, a move that has sparked fears of a global trade war.

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