Centre reduces the standard rate of duty on three Crude oil to 2.5%

Published: Sep 11, 2021, 10:19 pm IST

New Delhi, In order to ensure availability of edible oil to consumers at fair prices, Government of India has further reduced the standard rate of duty on Crude Palm Oil, Crude Soyabean oil and (i) Crude Sunflower Oil to 2.5% with effect from 11.09.2021 and (ii) the standard rate of duty on Refined Palm Oils, Refined Soyabean oil and Refined Sunflower Oil to 32.5% with effect from 11.09.2021.

In the same notification the Agri-cess for Crude Palm Oil has been increased from 17.5% to 20%.

The Government has rescinded the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 34/2021- Customs, dated the 29th of June, 2021, except as respects things done or omitted to be done before such rescission meaning thereby the latest import duty (w.e.f. 11.09.2021) stand still till further orders.

It may be noted that the International prices and thereby domestic prices of edible oils have been ruling high during 2021-22 which is a cause of serious concern from inflation as well as consumer’s point of view. Import duty on edible oils is one of the important factors that impacted landed cost of edible oils and thereby domestic prices.

In order to mitigate the rise in these prices, Government of India had taken series of steps between February 2021 and August 2021.

217 Views