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% :: TDS :: VAT RATES :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: form 3cd :: cpt :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARD
General »
 Tax and the dilemma of the self-employed
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector

Govt weighs proposal to cut import duty on sugar from 60% to 15%
April, 12th 2011

The government is examining a proposal to bring down import levy on sugar after duties were restored to 60% from the beginning of current financial as a two-year old order allowing free exports lapsed on March 31.

The food and consumer affair ministry has proposed a lower 15% import duty in view of the still high food inflation.

The proposal is pending before the empowered group of ministers on food prices and till the time a decision is taken the duties will remain at 60%.

"The food ministry is of the view that duties should not be so high as the government is still fighting food inflation despite sugar prices cooling down," said a government official.

In fact, the minstry has still not issued orders for export of five lakh tonne of sugar allowed by the EGoM last month.

"We have agreed for sugar exports. These (licence) are all departmental procedures. It takes its own time. We are not in haste. We have to first look into our own market," Food Minister K V Thomas told reporters here.

With estimated production of 24.5 million tonnes in the current year expected to be more than domestic demand, the sugar situation in the country has become comfortable.

The wholesale prices of sugar were down nearly 8% in February from a year ago. The retail sugar prices too have come down to 30-32 per kg from about 50 per kg early last year. This was the primary reason why the EGoM did not extend the duty free notification for imports.

However, high food prices continues to be an issue of concern for the government even as food inflation has come below the two digit level, especially with assembly election in five states lined up.

"A decision on bringing down import duties on sugar to 15% is likely to be taken soon as food prices is an important issue for the government," the official said.

The domestic sugar industry feels that there is not much scope for imports as domestic prices were ruling lower than international prices. "Our export prices would be 2 per kg more than what we are selling in the domestic market," said Abinash Verma, director general, Indian Sugar Mills Association .

Import duty was abolished in early 2009 following a fall in domestic production to 14.7 million tonnes against annual domestic demand of 22 million tonnes. India imported 6 million tonnes of sugar since then.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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