Govt imposes basic custom duty of 10% on wheat till March 31, 2016
Updated: Aug 07, 2015 05:05:16pm
New Delhi, August 7 (KNN) The Government has decided to impose basic custom duty of 10 per cent on wheat till March 31, 2016, Finance Minister Arun Jaitley announced in Lok Sabha today.
The estimated revenue implication of the exemption is revenue gain of about Rs 90 crore in the remaining part of the year, he said.
Wheat production in India, the world's second biggest grower, is estimated to have declined to 90.78 million tonnes in 2014-15, as against the record production of 95.85 million tonnes during 2013-14.
Still, the government has a huge stock of wheat at over 40 million tonnes due to bumper procurement this year and carryover stock from the previous years. (KNN Bureau)
The estimated revenue implication of the exemption is revenue gain of about Rs 90 crore in the remaining part of the year, he said.
Wheat production in India, the world's second biggest grower, is estimated to have declined to 90.78 million tonnes in 2014-15, as against the record production of 95.85 million tonnes during 2013-14.
Still, the government has a huge stock of wheat at over 40 million tonnes due to bumper procurement this year and carryover stock from the previous years. (KNN Bureau)
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