Wheat Duty Hiked to 25% from 10% for the Next Six Months

· World Price of Soft Wheat Falls by $20 to $194

· 7 August 2015, Hike to 10% from Nil

· Last Year Oct-Dec Price $239, Current $194

Seeks to further amend notification No. 12/2012-Customs dated 17.03.2012 so as to increase the basic customs duty on wheat [CTH 1001 19 00 and 1001 99 10] from the present rate of 10% to 25% for a period up to and inclusive of 31.03.2016.

In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basic customs duty on wheat has been increased from 10% to 25% for a period upto 31.03.2016. Notification No.51/2015-Customs, dated 19.10.2015 may be referred to in this regard.

[Customs Notification No. 51 dated 19^th October 2015]

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Customs, dated the 17^th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.185(E), dated the 17th March, 2012, namely:-

In the said notification,-

(a) in the Table, against S. No. 34, for the entry in column (4), the entry “25%” shall be substituted;

[F. No.354/68/2006-TRU]