Wheat prices rise on import duty hike

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SME Times News Bureau | 25 May, 2018
Wheat prices rose across the country on Thursday after the government raised duty on its import from 20 per cent to 30 per cent a day ago.

Mill quality wheat was priced at Lawrence Road Market in Delhi at Rs 1,775 a quintal, up Rs 15 from the last session, while the price of wheat rose Rs 30-35 to Rs 1,605-1,640 a quintal at Shahjahanpur in Uttar Pradesh.

In a bid to check import of wheat, walnut and almond from overseas markets, the government increased duty on import of all the three items through two separate notifications issued by the Central Board of Indirect Taxes and Customs (CBIC) on Wednesday.

In the notification pertaining to wheat import, the CBIC said the basic customs duty (BCD) on the commodity was increased from present 20 per cent to 30 per cent.

Similarly, the BCD on shelled almonds was raised from Rs 65/Kg to Rs 100/Kg.

The government has also increased the BCD on protein concentrates from 10 per cent to 40 per cent, as per the notification.

The tariff rate of basic customs duty on walnuts in shell was increased from 30 per cent to 100 per cent, while tariff rate of basic customs duty on protein concentrates and textured protein substances was pushed to 40 per cent from 30 per cent by invoking Section 8A(1) of the Customs Tariff Act, 1975, the notification said.