Indian Budget may Levy Import Duty on Raw Cashew

This entry was posted on Wednesday, February 3rd, 2016 and is filed under Cashew, Cashew Market, Cashew News, Cashew Prices.

There is no Duty, no VAT,  no APMC levy and no need of any local marketing permit on raw cashew imports in India. But the Indian origin raw cashew not only attracts VAT and APMC but also needs local marketing permit for each and every truck load on the road.

Worldcashew.com was focusing this issue from past few years but the industry was against any kind of import duty on raw cashew.

This year, Kerala based processors are lobbying for the introduction of import tax on traders.Their intention is good. Imports should not become a burden on country’s Forex reserves.

But traders are essential in a competitive market economy.

These traders supply raw cashew to the industry for all 12 months and with the help of their supply channel the seasonal industry gives employment throughout the year.

So the duty should be levied on all.

Even if the finance minister introduces mere 10% duty in this year’s budget but proposes the increase up to 30% in next 2-3 years, the movement called “Grow more cashew ” will certainly achieve its target.

 


 

 

Filed Under: Cashew, Cashew Market, Cashew News, Cashew Prices