India has raised import tax on edible oil to the highest level in more than a decade, the government said in an order, as the world's biggest importer of edible oils aims to support its farmers.
The world's biggest importer of edible oils also raised the import tax on crude soyoil to 30 percent from 17.5 percent earlier. It raised the import tax on refined soyoil to 35 percent from 20 percent earlier, it said.
The Central Board of Excise and Customs (CBEC) in a notification said that it seeks "to (i) increase rate of basic customs duty on Peas, (Pisum sativum) from present Nil rate to 50%. (ii) increase rate of basic customs duty on wheat from 10% to 20%."
"Therefore, we are putting in place all the policy frameworks. We are studying sector by sector and we are finding out wherever there is a scope for improvement," he told reporters here on the sidelines of the World Economic Forum's (WEF) India Economic Summit.
In 2015, India had lost a case at the World Trade Organisation when the body ruled that India's ban on import of poultry meat, eggs and live pigs from the US was "inconsistent" with the international norms.
On September 7, the government had allowed import of 3,00,000 tonnes of raw sugar at a concessional 25 per cent import duty to boost supply in southern India. The import quota was allocated to only southern mills.
The extension comes just days before the new rules, which are part of a drive by China to boost oversight of its sprawling food supply chain and announced in April 2016, were due to come into force.
Six domestic companies, including JSW Steel, Sunflag Iron and Steel, Usha Martin and Gerdau Steel India, had submitted an application with the Directorate General of Anti-dumping and Allied Duties (DGAD) for initiation of anti-dumping investigation and imposition of the duty on these steel items exported from China.
Both the government and the industry should analyse the root cause for decline in oilseed cultivation and take appropriate policy initiatives, he said in a statement.
Imported items will have to be of a certain minimum quality; FSSAI, BIS, and APEDA are working towards setting standards and technical regulations
According to the global financial services major, the moderation, on a year-on-year basis, is likely owing to higher oil prices and unfavourable base effects.
China's imports grew 13.3 percent from a year earlier, official data showed on Friday, handily beating analysts' forecast of 10 percent, after rising 11.0 percent in July.
The revenue department has issued a notification imposing USD 2,637 per tonne as anti-dumping duty on imports of polytetraflouroethylene (PTFE) from China.
The import duty on crude palm oil has been increased from 7.5 per cent to 15 per cent, on RBD palm (refined palm oil) from 15 per cent to 25 per cent and on crude soft oils like soybean oil from 12.5 per cent to 17.5 per cent. The differential duty on import of refined vis-a-vis crude palm oil is now 10 per cent as against 7.5 per cent earlier.
The cheap imports are putting pressure on local refiners and banks who cannot match the steep discounts being offered on bullion sales from the duty-free gold from South Korea.
Vishnu Chemicals has filed an application for investigation into dumping of sodium dichromate from the countries in question.
That left China with the a trade balance of $42.77 billion for the month, higher than a Reuters poll forecast of $42.44 billion.
Local oilseed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina, reducing demand for local rapeseed and soybeans, even after prices tumbled by a third over the past 14 months due to bumper global production.
IOC said the backlog of supplies in Kerala is 15 days and the new import facility was aimed at easing the same.
So far, there had been no clarity on the import duty on such equipment as to whether they are covered under the global Information Technology Agreement (ITA) -- which allowed a host of IT and telecom product exemption as per basic Customs duty under WTO provisions.
IOC Chairman B Ashok said the freedom allowed the companies to decide on tenders for purchase of crude oil within a very short span of time.
Petronet LNG Ltd, India's biggest gas importer, last year proposed to set up an up to 2 million tonne (MT) liquefied natural gas (LNG) import facility on the coast of Sri Lanka to meet its energy needs.
In the last fiscal, overall import of TBR grew 9 per cent, the apex body of tyre manufacturers said, adding that the ever-increasing trend has hurt the domestic industry.
Citing the example of Maruti, which has logged over 30 per cent profit this time, he explained that the government had supported India's largest car maker initially, which eventually led to development of the big automotive industry in the country.