Tariff Rate Quotas on skimmed milk It is reported that the Department of Revenue has launched the tariff rate quotas (TRQ) in customs matters. Like maize, skimmed milk powder (SMP) is the second case of TRQ in the 12 June notification. A TRQ of 10,000 MTs on all milk powder, which includes SMP, has been laid down for this financial year at the TRQ rate of 15%. Imports above the ceiling must bear the prohibitive duty of 60%. The full exemption on SMP has been withdrawn. It may be recalled that India had renegotiated the WTO-bound rates for both SMP and maize, which were historically fixed at zero. It is also reported that the food and consumer ministry decided to impose a complex duty structure on edible oils, maize, skimmed milk etc in order to regulate import. |
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