Home ECONOMY Import duty hiked on ghee, butter, butter oil

Import duty hiked on ghee, butter, butter oil


New Delhi, Oct 5:

In a move to protect the domestic industry, the government on Monday raised the import duty on three related products – ghee, butter and butter oil – from 30 to 40 percent with immediate effect, owing to a steep fall in global prices.

Pic Courtesy: www.theguardian.com
Pic Courtesy: www.theguardian.com

“To provide effective protection to domestic industry suffering due to a glut of commodity supplies in the world market, the government has decided to increase import duty on ghee, butter and butter oil from 30 percent to 40 percent,” Revenue Secretary Hasmukh Adhia told reporters here.

“The new duty comes into effect from today and will be valid till March 31, 2016. Orders are being issued by the ministry,” he added.

Explaining that owing to the steep fall in international prices, the industry had represented for protection in this regard, Adhia said industry, in the context of a risk, can ask for applying safeguards and anti-dumping mechanisms.

“It is industry that has to make out the case against a particular country or product. The Director Safeguards can recommend a provisional duty, which the ministry can then act upon,” Adhia said pointing to the recent safeguards duty imposed on hot-rolled steel products. (IANS)