Archive for the Cashew Category
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 […]
W320 Back to Normal but Difference Narrows Between W240 and W320
F.O.B price of W320 is moving around $4.80/pound/India/immediate shipment. The price increase is proportionate to the current Rupee appreciation. This increase is more beneficial to the Vietnamese and Brazilian exporters as there is no big variation in their currency value. Exporters buying rate of Premium W320 is again Rs8200+VAT/11.340 kilo/ without packing/Goa-Mangalore. However, there is no […]
Panic is the Final Result When Cashew Harvest Becomes a Massive Flood
Panic in the Indian raw cashew is not because of a sensational news from Jharkhand. According to some media reports, current raw nut price in Jharkhand is below Rs2o/kilo. However, Jharkhand accounts for only 1% of the Indian harvest. in some regions, there are no buyers for raw cashew even if the price is below Rs120/kilo/25% kernel yield. Small scale […]
Rupee Appreciation Shocks Indian Cashew Trade
Exporters buying interest is on decrease as there is no stop to the continuing Rupee appreciation.Their rate for premium W320 is ₹7800+VAT/without packing/11.340 kilo/Goa-Mangalore. North Indian buyers are now in a wait and watch mode as there is no competition from domestic exporters. The Rupee appreciation usually delays a fall in the raw cashew market. However, […]
Summer Demand Begins in Splits and Pieces.
Wholesalers are back in the Indian splits and piece grades with the anticipation of better retail sale from April onwards. Supply should tally with the usual summer demand, especially for the wedding, holidays and ice cream season. Thereafter, the Ramadan festive purchases will begin. Import of cashew kernel is now unworkable due to 45% duty. Jumbo […]
Sky is the Limit : Now for Husk, Next for Shells?
Two Years ago, the per kilo price of cashew shells and cashew husk was around Rs10 and Rs3 respectively. But now the price of husk is Rs40/kilo despite the rate is only Rs7/kilo for the CNSL oil-rich shells. CNSL is a natural anti-bacterial oil. A different kind of oil with highly different features. Very cheap […]
Fixing Each Commodity Under A Suitable GST Slab Not Possible Till April
Roll-out date of GST in India is July 1, 2017. Finance minister thinks that there is enough time for each and every change, including the most important GST rate fixing under already agreed slabs. So he thinks that the issue of bringing commodities under different brackets will be considered only after March 31.
