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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.’
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.
“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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Feb 20 2024 | 7:19 PM IST
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