Govt to slap 60% sugar import tax from Jan 1

India will slap a 60% import tax on sugar from January 1, a government source said on Friday.

India, the world's top consumer of sugar, had dropped 60% import tax in early 2009 to overcome an acute domestic supply shortage, triggered by the worst drought in four decades.

"The duty free notification lapses on December 31 and from January 1 it automatically reverts back to the old duty structure," the source told reporters.

Source: www.moneycontrol.com

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