News Today: Government Increases Taxes on Imported Goods

The government has implemented a temporary increase in taxes on imported goods, effective immediately until December 31st, 2024. The affected products include lentils, fish, and other essential items.

Whole and flaked Mysore lentils, along with yellow lentils, will now face a tax of 25 cents per kilogram. This tax increase aims to regulate the import of staple goods and manage market supply. Additionally, a special commodity levy of Rs. 302 per kilogram has been imposed on Maldive fish and its substitutes. The levy affects dried and processed versions of this popular ingredient, significantly increasing its cost for consumers.

Fresh and frozen fish, except for de-boned or processed varieties, will also see a price hike, with a tax set at 10% or Rs. 400 per kilogram, whichever is higher. This move is expected to impact seafood importers and the overall price of fish in local markets.

This increase in taxes on imported goods is part of the government’s efforts to boost revenue and encourage local production. However, it may also lead to a rise in consumer prices, especially for commonly used imported items like lentils and fish.