Current Affairs

Import Duty on Wheat Doubles to 20 Percent

The government has doubled the import duty on wheat to 20 percent.

  • The decision is taken to curb cheap shipments and give positive price signal to farmers in the ongoing Rabi season.
  • The import duty on peas has been increased to 50 percent to control cheaper shipments from countries like Canada.
  • Recently, the government had also imposed quantitative restrictions on import of other pulses like tur.
  • The government aims to give positive price signal and encouragement to farmers to grow wheat in more area as the Rabi season has started.
  • India produced a record 22 million tonnes of pulses in 2016-17 crop year and also imported about 5 million tonnes of pulses last fiscal.

What is import duty?

  • Import duty is a tax imposed on imports and some exports by the customs authorities of a country. 
  • It is usually based on the value of the goods that are imported. 
  • Depending on the context, import duty may also be referred to as customs duty, tariff, import tax and import tariff.

Import Duty on Wheat Doubles to 20 Percent  Import Duty on Wheat Doubles to 20 Percent Reviewed by Admin on November 09, 2017 Rating: 5

1 comment:

  1. good decision by government..which will help the our wheat farmers
    20% for wheat and 50% for peas...


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