India's Import Costs Jump
PANAMA - Feb 3/18 - SNS -- International field pea markets finished the week unchanged to firmer against routine trading interest and hopes of improved demand from Bangladesh and Pakistan.
However, markets were caught by surprise by India's decision to impose a 10% social surcharge levy on duties charged against imports. This replaces the 3% education cess on customs duties. The 3% education levy remains in place for petroleum, high speed diesel oil, gold and silver. Items that were already exempted from the education tax will be exempt from the surcharge.
With the change, the combined cost to importers of the import duty and surcharge rises from 51.5% to 55% on peas and from 30.9% to 33% on lentils and chickpeas.
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