Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: Central Excise rule to resale the machines to a new company :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT Audit :: cpt :: empanelment :: form 3cd
 
 
Sales Tax »
 India finalises bills to launch new sales tax in July
 NMC to implement new tax system from Apr 1a
 13 per cent sales tax boost post demonetisationa
 Arun Jaitley May Lower Corporate And Income Tax Rates But Hike The Service Tax Rate
 Tax on high seas sales becomes dispute area
  State extends GST enrolment deadline
 State extends GST enrolment deadline
 To protect its status, state forms panel to draft legislation on GST
 India Fails to Break Deadlock on New Sales Tax
 Sales tax staff protest against goods service tax council
 Income tax survey on city jeweller

India should impose a 10 per cent tax on crude palm oil imports to protect its farmers and the industry from cheap imports, a leading analyst said on Sunday.
November, 05th 2012

India should impose a 10 per cent tax on crude palm oil imports to protect its farmers and the industry from cheap imports, a leading analyst said on Sunday.

Many trade and industry officials fear that India, the world's biggest importer of vegetable oils, could hike imports as inventories surge in top producers Indonesia and Malaysia.

Falling benchmark Malaysian prices could also lead to higher purchases from India, they say.

"It is important for the Indian government to think in terms of some small protection, say a 10 per cent import duty on crude palm oil, to protect India's poor oilseed farmers," Dorab Mistry, director at Godrej International Ltd, told an industry conference in New Delhi.

India's edible oil imports are likely to rise more than 4 per cent to 10 million tonnes in the 2012/13 (November-October) marketing year as domestic output lags rising demand.

"Indian inflation will soon come under control. Once that happens, it will be necessary to levy a small import duty on unrefined vegetable oil imports," Mistry said.

Wholesale price inflation is running at around 7.8 per cent.

Currently India allows tax-free imports of crude vegetable oils and imposes 7.5 per cent duty on refined varieties. Palm oil constitutes about 80 per cent of India's cooking oil imports.

But India should avoid taking frequent administrative measures such as increasing or lowering import levies and should focus on raising productivity of oilseeds, said Thomas Mielke, who heads Germany's Oil World publication.

Malaysian stocks rose to a record high of 2.48 million tonnes in September, data from the Malaysian Palm Oil Board showed.

Malaysian palm oil prices have dropped 21 percent so far this year as stocks rise in Indonesia and Malaysia and demand slumps due to the economic slump.

On Friday, benchmark Malaysian palm oil futures closed at 2,496 ringgit a tonne, down 1.6 per cent.

India used to import crude palm oil from Indonesia, the world's biggest producer. But New Delhi turned to Malaysia after Indonesia cut export taxes for refined palm oil to encourage its own processing industry and limiting sales of crude palm oil.

Both Indonesia and Malaysia will have record stocks of palm oil at the start of next year, while South American soybean output will rise in the first three months of 2013, Mistry said.

India looks likely to harvest a good rapeseed crop, he said.

Farmers in India plant rapeseed, the main winter-sown oilseed, from October and harvest starts in March.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions