Diabytes
Import duty hike News
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India imports a large quantity of edible oils to meet domestic demand. The dependence on imports is more than 50 per cent of total requirements.
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The duty increase would raise prices and moderate demand in India.
The May trade deficit in India increased to $24.29 billion.
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The increased duties would be effective from October 12, the Central Board of Excise and Customs (CBIC) said.
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The enhanced duty rates which will make these imported goods expensive.
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The Centre's order will be effective from midnight of September 26-27.
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The government had also raised customs duty on specified parts/accessories of motor vehicles, motor cars, motor cycles from 7.5 percent to 15 percent.
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The Mines and Steel Ministry has sought import duty hike on finished steel products to 10 percent, besides complete withdrawal of the levy on imports of steel-making inputs such as iron ore and coking coal in the coming Budget.
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