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Wednesday, September 13, 2023

Now cheap lentils will come from America, government has abolished extra tax

Now lentils coming from America will become cheaper in the country. The government has removed the extra tax on its import. What benefit will the common man get from this?

Now lentils coming from America will become cheaper in India. The reason for this is the government's removal of extra tax i.e. custom duty on lentils imported from America. The government's decision will increase the availability of cheap lentils in the Indian market, which will make lentils available to the common people at low prices. This decision will help India to control the price of lentils in the local market. This will also help in bringing down the food inflation rate.

Apart from this, the Indian government has removed extra custom duty on 8 American products including apples, almonds, walnuts etc. imported from America. Trading of these products between India and America was a dispute in the World Trade Organization (WTO) for a long time, which was resolved with the consent of both the countries in June 2023.

There was this much extra tax on lentils

The Indian government had imposed custom duty of 22 percent on lentils imported from America. This has now been abolished. India took this decision just before US President Joe Biden came to India for G20. India's decision to impose additional custom duty on American products was taken in 2019, when America, adopting a protectionist stance, increased the duty on aluminum and steel products imported from India. India had imposed this extra tax in retaliation.

A WTO related dispute arose between India and America regarding this. To solve this, the government has decided to remove extra custom duty.

Import of lentils from America ended

Due to imposition of extra custom duty by India, import of lentils from America has almost ended. During the financial year 2022-23, India did not import any lentils from America, whereas during the financial year 2019-20, India had imported more than 62 thousand tonnes of lentils from America. There is huge consumption of pulses in India, to meet which pulses are imported. Apart from lentils, India also imports pigeon pea on a large scale.

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