Business Standard

Drop in global raw sugar price makes imports viable even at 40% duty

Mills seek hike in duty with likely robust domestic production and with retail prices under control

sugar
Premium

Rajesh Bhayani Mumbai
Sugar prices in the domestic market remain subdued with the government allowing duty-free imports of up to 500,000 tonnes of raw sugar by refineries and mills. Another reason for the suppression is that the global price of raw sugar has fallen sharply, making imports viable even at 40 per cent duty.

However, while traders will not have to pay duty on imported sugar that arrives in the current month, they may have to pay 5 per cent IGST for stocks arriving in July.

A trade representative says that under the current market situation, it is doubtful that the

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in