Union Government on 19 October 2105 raised the basic customs duty on wheat to 25 percent from 10 percent. This increase will be valid till 31 March 2016.
A statement from the Ministry of Finance said that the duty has been raised in view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of financial year 2015-16.
The increase in custom duty will presumably help protect Indian farmers against cheaper imports.International wheat prices have fallen considerably over 2014. The price of wheat in the US was 216 dollars a tonne on 16 October 2015, which was -25.7 percent of what it was in 2014.
Apart from this, the government also exempted specified biodiesel from central excise duty.
However, its inputs namely, RBD Palm Stearin, Methanol and Sodium Methoxide are chargeable to central excise duty leading to CENVAT credit accumulation.
Central excise duty has been exempted on RBD Palm Stearin, Methanol and Sodium Methoxide used in the manufacture of such biodiesel subject to actual user condition for a period up to 31 March 2016.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App
Who: Import duty on wheat
When: 19 October 2015