MMTC plans to import corn at lower duties
Imports would be organised after issuance of notification by the government of India and MMTC obtaining necessary licence, it said.
Indian state-run trader MMTC Ltd plans to import corn at lower taxes for local consumers such as starch makers and poultry farmers, the firm said.
India imposes 60 percent tax on overseas buying of corn but under the tariff rate quota it can allow imports at lower or zero duty.
MMTC has asked consumers to provide their requirement details and consent authorising MMTC to import corn on their behalf, the trader said in a statement.
"Imports would be organised after issuance of notification by the government of India and MMTC obtaining necessary licence," it said.
Watch This Zee Business Video
Below-normal monsoon rains and an infestation of the fall armyworm, which devastated African crops in 2017, have slashed India`s corn output and boosted prices, increasing chances the government will grant duty-free corn imports for the first time since 2016.
In 2016, India had allowed state-run PEC Ltd to import corn under the tariff rate quota at zero percent duty.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.