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Government doubles import duty on sugar to 100 per cent

Government doubles import duty on sugar to 100 per cent

NEW DELHI: The Government has doubled import duty on sugar to 100 per cent to protect domestic farmers. At present, Customs duty or import tax on sugar is 50 per cent. The move is aimed at curbing cheaper imports and ensure remunerative prices to domestic growers.

The notification issued by the Central Board of Excise and Customs (CBEC) "seeks to increase import duty on all types of sugar (raw sugar, refined or white sugar) from the present 50 per cent to 100 per cent".  The higher tax has been imposed with immediate effect and without an end date, it added.

India's sugar production estimate has been recently revised upwards by 4 per cent to 26.1 million tonnes (MT) in the current 2017-18 marketing year (October-September) as against 20.3 MT in 2016-17, as per industry data. The consumption is pegged at 25 MT for this year.

Source;- Dailyshippingtimes.com

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