ANNOUNCEMENT 13 Jul 2012In July 2012, the government of India announced a change in import duties.
NUMBER OF INTERVENTIONS
Notification No. 45/2012
Ameding Notification No. 12/2012:
On July 13, 2012, the Indian Ministry of Finance issued Notification No. 45/2012 increasing the import duties on raw sugar and steel alloy imports:
- The import duty on Raw Sugar, Refined or white sugar, and other Raw sugar, imported by a bulk consumer under HS 1701, has been increased from 0 to 10 per cent.
- The import duty on flat rolled products of other alloys of steel has been increased from 5 to 7.5 per cent. The products from non-steel alloys are already subject to a tariff of 7.5 per cent.
The increase in duty affects the following HS codes:
HS 7225 3090, 7225 4019, 7225 50 and 7225 9900.
The import duty on sugar was later increased to 15% on 8 July 2013, while the duty on the iron and steel products was increased to 10% in the 2015-16 Budget on 1 March 2015.