Archive for the Cashew Prices Category
Delhi Market Emerges Strongest with the Support of GST & E-Commerce
At present, Only the Delhi market controls the Wholes category in the Indian cashew kernel. Still, there is no such competition from exporters or from Mumbai, Gujarat and any other well-known regions. Buyers from Delhi are enjoying the wholesale trade under GST by transferring the tax benefits to their suppliers. Under the VAT system; there […]
What Happens During Diwali if Online Sellers Succeed in Selling W320/10 kg Pack Around ₹16000.
Online price of a 500g package of W320 is around ₹625-650. But for a 10 kg pack; it is about ₹18900 for W240, ₹16,900 for W320 and ₹14,000 for W400 in a big online market place! Something extraordinary may happen if online retailers get enough orders during the peak retail period in September!
Global Prices should Increase in Dollar Terms
Current Delhi market for Premium W320 is around ₹9760/11.340 kilo/including GST/ Goa-Mangalore and for W240 about ₹10420/same conditions/Goa-Mangalore. Removal of interstate barriers and double taxation during the biggest festive season are responsible for the buoyant mood. Those who have made export contracts under Euro terms have no problems but market equilibrium needs at-least 10% rise in Dollar terms.
Indian Cashew Industry Selects HSN Code Chapter 08 for Shells, Husk and Rejections
Indian cashew sector is now almost unanimous about Chapter 08 of HSN codes for shells and other non-edible by-products. According to trade sources, there is a direction from a govt sponsored entity to use HSN codes of Chapter 08 for all these items. They think that the safest way is to follow the direction of the govt […]
Demand Increases for Higher Grades & Jumbo Half
North Indian buyers are offering around ₹10000/11.340 kilo/Premium Grade W240/including GST/August 1st Week/Goa-Mangalore. Price of W320 & Jumbo Half is ₹9500/Same Quantity/Same conditions/August 1st Week. Choice of the festive gift box industry is usually W240 or W320 but the food industry needs large quantity of splits and pieces.
Sellers Can Command the Kernel Market for Next 3 Months
This year’s Diwali festival will start from 19/10/2017 and continue till 23/10/2017. Diwali bonanza period for the cashew industry will begin from 24th July with the arrival of the auspicious Shravana month of the Hindu calendar. W320 is moving around ₹9300/11.340 kilo/including GST/immediate delivery. Whatever is the forward premium, sellers are not interested in August, September and […]
Finally 5% GST Bracket for Cashew Nut
GST council has brought down the tax rate on cashew nut from 12% to 5%. Entire cashew sector of India will happily welcome today’s decision. Business activity in cashew kernel will improve even before the rollout of the GST. However, traders may take first few days of July to adjust to the new system.
This June will be the Best Month of the Year for Indian Cashew Kernel
Exporters are buying W320 around ₹8600+VAT/11.340 kilo/Goa-Mangalore. Domestic demand is around ₹9350/Same quantity/including VAT. Both buyers and sellers want huge turnover in June, i.e before the rollout of the GST. Trading community in the domestic market may avoid wholesale trade in the first few days of the next tax system. Even retailers may witness a boom period […]
GST Rate on Cashew is Not Acceptable to West Bengal !
West Bengal’s finance minister Amit Mitra is the most important person after Union finance minister Arun Jaitly in the GST Council. Most probably, he will attend the June 3 meeting of the Council to fight against the GST rate on books, cinema, raw cashew, plastic, electricity, newsprint and rubber footwear. Cashew and some other products are not […]
‘With in the State Trade’ & Imports will Suffer After the GST
Current VAT rate is 5 to 5.5 percent in the manufacturing region. It will become 12% after 40 days! So, processors and traders should share the 6.5 to 7% extra burden! Inter state trade now attracts 5 to 5.5 percent VAT on raw cashew in the manufacturing region, plus 2% CST (Central Sales Tax) during […]
12% GST Slab for Cashew
Finally, the GST rates are announced. Dry fruits and cashew are under 12% Tax slab. Importers have to pay the basic customs duty and the GST during the import release from July 1, 2017 onwards. The negative impact of the GST rate will be on sellers who sell with in the state. Interstate traders may […]
Export Market Nears Rs10000/W320/11.340 Kilo/Including All Subsidies & Benefits
Large scale exporters get $5.10/pound/W320, which is equal to Rs8200 according to current exchange rate. If we add 9.36% import duty, it becomes Rs8967. Import duty is zero under Advance Authorization scheme. VAT exemption or refund is 5-5.5%. 8967 + 5.5% = 9460. Then there is a small subsidy on exports and also some kind […]
Indian Buyers Slow in Following Export Trend
Exporters are the bulk buyers despite the Ramadan festive month will begin on Friday, 26 May. Their price is ₹8400+VAT/W320/11.340 kilo/Without Packing/Goa-Mangalore. Indian domestic buyers are buying W400, SSW, DW, Splits and Pieces in large quantity. But in the W320 grade, their interest is only in small quantity.
W320 Towards $5/Pound : This Time Exporters should Thank Rupee Appreciation
Usually, exporters make lobbying for the currency depreciation. They earn more in the exchange market when their domestic currency decreases in value against the US Dollar. But this time the trend has reversed. Kernel exporters are getting more than proportionate increase in the unit price. Indian origin W320 is moving above $4.90/Pound.
Wholes Dull but LWP Pieces Active
Despite slowdown in the kernel production, once again there is no bulk buying in the wholes category. North Indian buyers think that the best decision in the non essential group of commodities is possible, only when the govt ends suspense over the GST rate structure. Summer demand is on rise for splits and pieces but supply […]
Workers Attendance Problem Results in Kernel Shortage
Workers attendance is below 50% in most cashew factories in India on account of severe summer. Some processors are forced to give holidays where the attendance is not at all adequate to run the industry. Premium W320 is trading around Rs9000/11.340 kilo/inclusive of VAT/Goa-Mangalore. Price gap between W240, W320 and W400 has narrowed to Rs50/kilo […]
