According to an official order, the Finance Ministry has reduced the basic customs duty on specific items, including apples, almonds, lentils, and chickpeas imported from the United States.
According to the directive, lentils imported from the US are now completely exempt from customs duty, whereas previously, it stood at 20%. Similarly, the import duty on almonds has been reduced to 35%, down from the previous 41%. In the case of apples, the duty has been decreased to 15%, compared to the earlier rate of 35%, as explained by tax experts. Additionally, for chickpeas, an import duty of 10% will now apply, aligning it with imports from other countries.
This action is a component of the elimination of retaliatory duties imposed on US exports in 2019, which were implemented in response to the US raising import duties on specific items. According to the finance ministry order, this duty adjustment has been carried out in the public interest and has been in effect since September 6th.
This development precedes the upcoming G20 meeting and the anticipated bilateral discussions between Prime Minister Narendra Modi and US President Joe Biden, both scheduled to take place in the capital this week.
“India has revised its customs tariff system for imports from the United States. Import tariffs on apples, almonds, lentils, and chickpeas from the US have been drastically reduced in the backdrop of the G20 summit.
Because India is a large importer of high-quality food products such as apples, lentils, and almonds, lowering tariffs ahead of a bilateral visit with US Vice President Joe Biden might offer an impetus for the two countries,” explained explained Rajat Mohan, senior partner at accounting firm AMRG & Associates.
