Centre lowers import duty on select food items from US
NEW DELHI : The Finance Ministry has lowered the basic customs duty on select items such as apples, almonds, lentils and chikpeas imported from the US, showed an official order. As per the order, customs duty on lentils imported from the US has now been fully exempted. Earlier it was at 20%.
Similarly, import duty on almond has been lowered to 35% from 41% earlier. In the case of apples, the duty has been lowered to 15% from the earlier 35%, tax experts explained. In the case of chikpeas, an import duty of 10% will be applicable at par with imports from other nations.
The move is part of removal of retaliatory duty imposed on US exports in 2019 after the US raised import duty on certain items. The finance ministry order said that the duty revision is made in public interest and is effective from 6 September. The move comes ahead of the G20 meeting and bilateral meetings Prime Minister Narendra Modi and US President Joe Biden are expected to have in the capital this week.
“India has revised its customs tariff system for imports from the United States. Import tariffs on apples, almonds, lentils, and chickpeas from the US have been drastically reduced in the backdrop of the G20 summit. Because India is a large importer of high-quality food products such as apples, lentils, and almonds, lowering tariffs ahead of a bilateral visit with US Vice President Joe Biden might offer an impetus for the two countries," explained explained Rajat Mohan, senior partner at accounting firm AMRG & Associates.
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