Now It’s Time For India to Take Retaliate Move – India Hikes Customs Duty on Several Goods of US
India took a step of hiking customs duty on several goods, including Bengal gram, lentils and artemia, imported from the US.
Believing sources, the import duty hike would be effective from August 4. Finance Minister has confirmed that the import duty on chickpeas and Bengal gram has been increased to 60 per cent, while that on lentils has been hiked to 30 per cent.
The minister also stated that the import duty has also been hiked on boric acid and binders for foundry moulds to 7.5 per cent. The domestic reagents were raised to 10 per cent. Customs Duty on artemia has been hiked to 15 per cent in India.
List of products include certain kind of nuts, apples, iron and steel products, flat rolled products of stainless steel, pears, tube and pipe fittings, and other alloy steel.
On the other hand, there was no duty hike on motorcycles imported from the US. The Finance Minister informed that India had given a revised list of 30 items to the WTO. They are expecting to raise the customs duties by up to 50 per cent.