- Chandrababu Naidu leaves to Hyderabad after meeting Amit Shah in Delhi
- Odisha train accident: Confusion continues over AP passengers
- Petrol and diesel prices today stable in Hyderabad, Delhi, Chennai and Mumbai on 04 June 2023
- JEE Advanced 2023 exam begins across country, more candidates to appear from AP, Telangana
- Sharwanand wedding update: The groom is not more a bachelor
- Odisha train tragedy: PM Modi expresses gratitude to world leaders for condolence messages
- Goa Environmental Film Festival kicks off with ‘The Elephant Whisperers’
- Kannada actress Prema takes ramp walk with cancer survivors to spread message of courage
- Chiranjeevi swag looks at Star Cancer Centre inaugural ceremony
- Prabhas celebrates Prashanth Neel birthday
Centre slashes customs duty on sugar export
The Union government on Wednesday announced a reduction in the customs duty to be levied on the export of sugar.
New Delhi: The Union government on Wednesday announced a reduction in the customs duty to be levied on the export of sugar.
According to an official release, the export duty is being reduced to nil from its current 20 percent.
During the current sugar season 2017-18, the sugar production in the country is estimated to be substantially higher than the estimated domestic consumption. Sufficient surplus stock of sugar may be available for export. Therefore, in order to promote exports with the objective of evacuating surplus stocks from the country, the government decided to remove customs duty on export of sugar.
Furthermore, the Centre stated that the proposed reduction of customs duty will help in maintaining demand and supply balance, and thereby stabilising domestic sugar prices in the country.