Reduction in Import Duty to stabilize the domestic prices
The Government has reduced the import duty on many items in the recent months. In order to, inter alia, stabalise the domestic prices, the Government has reduced import duty on the following goods in the recent past:
i. With effect from 23.09.2016, import duty on palm oil was reduced from 12.5% to 7.5% for crude palm oil of edible grade, and from 20% to 15% for refined palm oil of edible grade.
ii. Import duty on wheat was reduced from 10% to Nil with effect from 08.12.2016 without an end date. [However, the import duty has been increased to 10% with effect from 28.03.2017].
iii. Import duty on pulses continues to be Nil without an end date, except tur the import duty on which has been increased to 10% with effect from 28.03.2017].
This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.