The Government has decided to impose basic custom duty of 10% on wheat till 31st March, 2016. This was announced by the Finance Minister Shri Arun Jaitley in Lok Sabha today.

The estimated revenue implication of the above exemption is revenue gain of about ₹ 90 crore in the remaining part of the year.

Basic customs duty on wheat imposed until next March, increasing import tariffs and affecting trade policy and fiscal receipts. Imposition of a basic custom duty of ten percent on imported wheat is announced, applying until 31 March 2016; the measure increases the import duty on wheat for the stated period and is accompanied by an estimated revenue gain for the remaining fiscal period.