Page 3 - Export Duty News Today

Under the Central Board of Indirect Taxes & Customs, the Directorate General of Systems and Data Management has released an advisory regarding the impending Union Budget 2024–25.The Union Budget...

India has extended lower import duty on edible oil by a year until March 2025, extending the lower duty structure on crude palm oil, crude sunflower oil, and crude soy oil. The decision was expected to keep prices in check ahead of elections. The government also imposed a 50% duty on exports of molasses, a by-product of sugarcane used for alcohol production.

The proposed export duty shall come into force on January 18, 2024.

The Indian governments decision to ban onion exports until March 2024 resulted in a drastic 60% price decline in less than three weeks. The ban aimed to address issues like under-invoicing and wrong export policies, including the absence of a fixed floor price with the initial export duty and the subsequent removal of duty without a minimum export price.

The centre has also reduced export duty on diesel to Rs 0.50 per litre from one per litre while it increased export duty on Aviation Turbine Fuel (ATF) to Rs one per liter from earlier nil duty.

Rice exporters in Kolkata have requested the Indian government to impose a flat export duty of USD 80 per tonne for parboiled rice, instead of the current 20% duty. The Indian Rice Exporters Federation (IREF) has also asked the government to reconsider the ban on white rice exports and reduce the minimum export price for basmati rice to USD 850 per tonne.

India News: Centre on Friday extended the 20% export duty on parboiled rice till end of March 2024, to ensure easy availability and dissuade exporters from shippi

After banning the export of broken rice in September 2022 and halting non-basmati white rice exports in July, the Centre had imposed a 20 percent duty on parboiled rice on August 25, effective till October 15, 2023.

The Indian government has extended the export duty on parboiled rice until March 31 next year. This move aims to maintain sufficient local stock and control domestic prices. The restrictions apply to all varieties of non-basmati rice, which make up about 25% of the countrys total rice exports. Earlier, the government also banned the export of non-basmati white rice to boost domestic supply and control retail prices during the festive season.

India News: Centre on Friday extended the 20% export duty on parboiled rice till end of March 2024, to ensure easy availability and dissuade exporters from shippi