In May last year, the ministry had extended the deadline for imposing higher tariffs on these US products till June 16.
New Delhi: After broadening the due date for a few times, India will currently proceed with its choice to force retaliatory import obligations on 29 US items, including almond, pecan, and heartbeats, sources said Friday.
Fund service will issue a warning with this impact soon, they included.
In May a year ago, the service had broadened the due date for forcing higher taxes on these US items till June 16.
These deadlines were extended several times since June 2018, when India decided to impose these duties in retaliation to a move by the US to impose high customs duties on certain steel and aluminum products.
As part of the imposition of higher import duties, India has notified higher tariffs on several products. While import duty on walnut has been hiked to 120 per cent from 30 per cent, duty on chickpeas, Bengal gram (chana) and masur dal will be raised to 70 per cent, from 30 per cent currently. Levy on lentils will be increased to 40 per cent.
India’s exports to the US in 2017-18 stood at USD 47.9 billion, while imports were at USD 26.7 billion. The trade balance is in favour of India.