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Rice Export Restrictions: Existing contracts below $1,200 per tonne have been kept in abeyance

The government has decided not to allow exports of basmati rice below USD 1,200 per tonne to restrict possible "illegal" shipment of white non-basmati rice in the garb of premium basmati rice.

India is one of the few countries to have opted for a more intricate structure, featuring four or more tax slabs. GST slabs in India are 0%, 5%, 12%, 18% and 28%. The complexity escalates as cess is applied to certain luxury and ‘sin products, such as cars. Furthermore, cess rates vary based on factors like the vehicles length and fuel type, be it petrol or diesel.

The commerce and industry ministry said on Sunday that it directed trade promotion body Agricultural and Processed Food Products Export Development Authority (Apeda) not to register contracts below $1,200 per tonne. Existing contracts below $1,200 per tonne have been kept in abeyance.

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