India News | India Cuts Import Duty on Blueberries, Turkeys; Fully Exempts Extra Long Staple Cotton from Levy
Get latest articles and stories on India at LatestLY. The government has fully exempted customs duty on import of extra long staple cotton, and has cut duties on specified varieties of imported blueberries, cranberries and frozen turkeys.
New Delhi, Feb 20 (PTI) The government has fully exempted customs duty on import of extra long staple cotton, and has cut duties on specified varieties of imported blueberries, cranberries and frozen turkeys.
In a notification, the Finance Ministry has slashed import duty on certain items of blueberries and cranberries from 30 per cent to 10 per cent in some cases and 5 per cent in other cases.
Similarly, import duty pertaining to meat and edible offal of turkeys, were also reduced from 30 per cent to 5 per cent effective Tuesday.
According to officials, the duty rate changes on frozen turkey, specified cranberries and blueberries and their processed products is to implement the recommendation of the Department of Commerce following a mutually agreed solution between India and the US.
Nangia Andersen India Associate Director- Indirect Tax, Khushbu Trivedi, said, in pursuance of the bilateral agreement that took place in the recent G20 Leaders' Summit between India and USA intended at addressing the past disputes, the central government has reduced import duty on these items.
"Reduction of the duty on these niche items rarely produced in India would help the USA in penetrating the Indian market, and also in bringing the prices of these products down in India. This move shall also benefit other nations forming part of WTO," Trivedi said.
Further, in response to the concerns raised by the cotton industry, the Ministry has reduced the import duty to 'Nil' on 'Cotton, not carded or combed, with staple length exceeding 32mm.'
"This decision reflects a proactive approach by the government to address industry feedback and adapt import regulations accordingly, potentially benefiting stakeholders involved in the cotton sector," Trivedi added.
(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)