India News | Basic Customs Duties on 8 US Products Will Continue; Only Retaliatory Tax Removed
Get latest articles and stories on India at LatestLY. The basic customs duties and other levies will continue on eight products, including apple and walnut from the US as well as other countries, a senior government official said on Friday.
New Delhi, Sep 15 (PTI) The basic customs duties and other levies will continue on eight products, including apple and walnut from the US as well as other countries, a senior government official said on Friday.
Additional Secretary in the Department of Commerce Peeyush Kumar said that India has imposed retaliatory customs duties on 28 American products in 2019 against US measure to imposes duties on certain steel and aluminium products.
Also Read | Weak El Nino Conditions Prevailing Over Equatorial Pacific Region, Says IMD.
He added that India has withdrawn only retaliatory duty on these eight products -- chickpeas, lentils, almonds, walnut, apple, boric acid, diagnostic reagents -- in 2023 and its value of imports into India from the US stood at USD 1.08 billion in 2022-23.
In return, India has gained market access for indefinite period into the US through commitments for granting approval to 70 per cent and 80 per cent of exclusion requests, respectively, for Indian steel and aluminum products.
Also Read | Rajkot: Teen Girl’s Kidnapping Story to Avoid Tuitions Keeps Cops On Toes.
Total volume approved is 3.36 lakh MT (metric tones) and its total value is USD 1.01 billion, Kumar told reporters here.
"The existing BCD (basic customs duty) rates for all the 8 products along with applicable surcharge, cess, IGST, etc. prevails for these imports from all the countries including the US," he said.
In addition, he said, Indian apples would be shielded against dumping of low quality and predatory pricing through the Minimum Import Price (MIP) of Rs 50 per kilogramme for imports from all countries except Bhutan.
The retaliatory duties removed are 10 per cent on chickpeas, 20 per cent on lentils, Rs 7-20 per kg on almonds,; and 20 per cent each on walnuts, apple, boric acid, and diagnostic reagents.
The BCD on these goods are 60 per cent on chickpeas, 30 per cent on lentils, Rs 35-100 per kg on almonds, Rs 100 per cent on walnut; 50 per cent each on apples, 7.5 per cent on boric acid, and 10 per cent on diagnostic reagents.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)