You can read daily news of Global New Light of Myanmar using mobile applications. Download now!

November 20, 2019

Betel nut merchants unhappy with India’s import duty

Betel nut exporters are facing difficulties owing to the 40 per cent import duty on betel nuts imposed by India, U Moe Zaw, Deputy Director of the border trade session told Myanma Alinn.
The Tamu gate provides a one-stop service to facilitate trade. Betel nut exports in the 2017-2018 fiscal year (FY) brought in some US$10 million, with the export volume being 4,000 tons. India’s tax hike on betel nut importation has posed difficulties for merchants, while the least developing counties are enjoying tax exemption by the developed counties, he maintained.
India’s taxation on betel nuts has led to a significant drop of more than 60 per cent in exports, said U Aung Kyaw San, a merchant trading from the Tamu gate.
India’s customs department is confiscating imported betel nuts that are third-country products. If Indian merchants want to import betel nuts, they have to temporarily deposit 40 per cent of the import value at the bank. So, they are hesitating to import betel nuts on account of the high taxation, which might lead to losses. The export volume is likely to remain on the lower side, he added.
Myanmar exports agro products to India, while cigarettes, footwear, plastic bags, mosquito coils, preserved fish can, glasses, food and other products are imported into the country.

 

Zar Lin Thu (AMIA)

Comments

Related posts