The government has given complete exemption from import duty (customs duty) on the import of extra long fiber cotton. Also, duty has been reduced on specified products of imported blueberries, cranberries and frozen turkey (a type of duck). According to language news, the Finance Ministry, in a notification, has reduced the import duty on blueberries and cranberries from 30 percent to 10 percent in some cases and five percent in other cases.
Import duty on these reduced from 30 to 5 percent
According to the news, the import duty related to turkey meat and food waste was also reduced from 30 percent to five percent from Tuesday. Officials said this change in duty rate on frozen turkey, specialty cranberries and blueberries and their processed products has been made to implement the recommendations of the Commerce Department after a mutually agreed solution between India and the US.
Khushboo Trivedi, associate director (indirect taxes) at Nangia Anderson India firm, said that keeping in mind the past disputes, under the bilateral agreement reached between India and the US at the recent G20 summit, the central government has reduced the import duty on these products. Have given.
Prices will reduce by reducing duty
Trivedi said that reduction in duty on these items which are rarely produced in India will help America to enter the Indian market and will reduce the prices of these products in India. This step will also benefit other countries becoming part of WTO. Apart from this, keeping in mind the concerns of the cotton industry, the Ministry has reduced the import duty on cotton of length more than 32 mm, which has not been washed or cleaned, to zero. Trivedi said that this decision shows the government’s intention to take care of the concerns of the cotton industry and adapt the import rules accordingly. The government has said that this will definitely benefit the stakeholders involved in the cotton sector.