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India Signals 75% Import Duty on Bulk Scotch Whisky After UK Trade Pact Dispute
Did you know that your favorite whiskey will now be available at a cheaper price? Let's find out how?
The Central government has initiated a decisive step towards solving the dispute concerning the duty imposed on Scotch Whisky imports under the newly signed trade agreement with the UK. As per reports, the government has informed liquor companies that the reduction in import duty to 75% will continue to hold even for shipments of Scotch in large vessels.
In a confidential discussion with top industry officials held on Monday, the Commerce Ministry has assured that India will respect its trade agreement in good faith. The Commerce Secretary, Mr. Rajesh Agarwal, has assured that this issue is being sorted out soon so that the duty exemption is not adversely impacted.
It may be mentioned here that under the CETA (Central Trade Agreement) between India and the UK, the import duty on Scotch Whisky has been reduced from 150% to 75%. However, according to tax authorities, the duty exemption is only for bottled Scotch, and not bulk.
