Announcement
01 Feb 2018
On 1 February 2018, the Indian Fiscal Budget was announced. The trade implications of the budget have been summarised here.
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Number of interventions
7
6 certainly harmful
0 likely harmful
1 liberalising
List of interventions
6 in force
Implementation date
02 Feb 2018
Revocation date:
No revocation date
Import tariff
In force
The Budget announced an increase in import customs duties on the following goods - On crude edible vegetable oils from 12.5% to 30% and on refined vegetable oils from 20% to 35% On orange juice from...
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Internal taxation of imports
In force
The Budget also introduced a new tax on imported goods called the Social Welfare Surcharge at the rate of 10% on the aggregate customs duties. This surcharge replaces Education cess and Secondary and ...
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Price stabilisation
In force
The Minimum Support Prices for all Kharif crops (summer-sown crops) has been increased to provide a price that is at least 1.5 times the production cost. Major crops in this season include rice, maize...
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State loan
In force
The Finance Minister also announced increases in the budget allocations of various ministries and schemes and proposed new funds: A new fund with a corpus of INR 10,000 crore (~USD 1560 million)* has...
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Tax or social insurance relief
The Finance Minister in the Budget announced a five year 100% tax exemption for Farmer Producer Organisations with a profit cap of INR 100 crores (~USD 15.6 million)*. These organisations are groups o...
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Implementation date
02 Feb 2018
Revocation date:
No revocation date
Import tariff
In force
The customs duty has been reduced on the following products - On cashew nuts from 5% to 2.5% On stone articles containing magnesite, chromite or dolomite from 10% to 7.5% On bricks, blocks, tiles etc...
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Implementation date
01 Feb 2018
Revocation date:
No revocation date
FDI: Treatment and operations, nes
In force
The corporate income tax rate has been reduced for domestic companies that have a turnover of less than INR 2.5 billion from 30% to 25%. The tax rate has been left unchanged at 40% for foreign compani...
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