The Government has reduced the effective duty on crude palm oil, crude soyoil and crude sunflower oil. These will come down to 24.75 per cent whereas effective duty on refined palm oil, soyoil and sunflower oil will be 35.75 per cent.
This step aims to bring down the elevated edible oil prices, as per the Finance Ministry.
According to the ministry notification issued on Friday, the base import tax on crude palm oil has been reduced to 2.5 per cent from 10 per cent.
However, the tax on crude soyoil and crude sunflower oil has been reduced to 2.5 per cent from 7.5 per cent.
The fresh cut could bring down the retail prices by Rs 4-5 per litre.
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The Centre, in past few months, cut import duty on various edible oils. It also asked states to take details of stock of edible oils and oilseeds from wholesalers, millers, refiners and stockists.
A Rs 11,040 crore-palm oil mission has also been announced. Harder Butter Blocks Worrying Canada
As per the industry body Solvent Extractors’ Association of India (SEA), total import of vegetable oils (edible and non-edible oil) during November 2020 to July 2021 fell by 2 per cent to 96,54,636 tonnes as compared to 98,25,433 tonnes in the corresponding period of the previous oil year (November-October).
The Central Board of Indirect Taxes (CBIC) in August had halved the basic customs duty on crude soyoil and sunflower oil to 7.5 per cent to boost supply. Edible oil is India’s third-largest imported commodity after crude oil and yellow metal.
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