Custom duty on imported goods i.e food processing machinery

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Querist : Anonymous

Querist : Anonymous (Querist)

01 January 2012 what % of custom duty is levied on purchase of food processing machinery.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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02 January 2012 happy new year.
how many turnover of your export business of 3 preceeding year? tell so that more information provide you.

Regards,

Querist : Anonymous

Querist : Anonymous (Querist)

03 January 2012 Its an new company just applied for IEC code. just wanted to know what % of custom duty is on import of food processing machinery.(i have come to know that custom duty is 4 % )

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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03 January 2012 The Government has accorded the sector a high priority and has undertaken several policy measures and initiatives. It has offered a number of fiscal reliefs and incentives as well as approved a large number of joint ventures, foreign collaborations, industrial licenses and 100% export oriented units (EOU) proposals in different food processing areas. Some of the important steps in this direction are:- (i) Most of the processed food items have been exempted from the purview of licensing under the Industries (Development & Regulation) Act, 1951, except items reserved for small-scale sector and alcoholic beverages; (ii) Food processing industries are included in the list of priority sector for bank lending in order to ensure easy availability of credit to them; (iii) Automatic approval for foreign equity upto 100% is available for most of the processed food items, excepting alcohol and beer and those reserved for small scale sector (subject to certain conditions); (iv) In budget 2007-08, excise duty has been waived on all kinds of food mixes including instant mixes, Soya Bari (food supplements) and ready to eat packaged goods as well as on biscuits; (v) Customs duty on sunflower oil (crude) reduced from 65% to 50% and on sunflower oil (refined) reduced from 75% to 60%; (vi) Special additional duty of 4% has been waived in the case of refined edible oil; (vii) Custom duty on food processing machinery reduced from 7.5% to 5%; etc.

if you provide itc code then i can right custom duty to you.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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03 January 2012 Customs duty on food processing machinery and their parts is being reduced from 7.5% to 5% a, dairy machineries are completely exempted from Central Excise Duty.

more information:

http://www.exim-policy.com/

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