Centre Hikes Import Duty on Wheat from 30% to 40%

Centre Hikes Import Duty on Wheat from 30% to 40%

• The Central Board of Indirect Taxes and Customs (CBIC) has hiked the customs duty on wheat to 40 percent from 30 percent in order to curb imports and protect the domestic industry.
• The government aims to restrict import of wheat so that domestic prices of wheat do not come under pressure as the wheat output in the country is expected to scale a record high this year.
• The wheat’s minimum support price (MSP) or the price at which the government buys from farmers has been raised by 6% at Rs 1,840 per 100 kg in 2019, from Rs 1,735 in 2018, in order to fix the support price at a minimum of 1.5 times the production cost.