Govt cuts basic customs duty on crude, refined soyabean and sunflower oil till September 30
Crude soybean oil and sunflower oil attract a 20% agriculture infrastructure and development cess and a 10% social welfare cess
The government has halved basic customs duty on crude soyabean oil and sunflower oil to 7.5% to boost domestic supply and bring down prices.
The Central Board of Indirect Taxes and Customs (CBIC) in a notification also cut basic import duty on refined soyoil and sunflower oil to 37.5%, from 45% with effect from August 20.
The reduced levies would be applicable till September 30. The reduced duties are intended to boost domestic supply and ease rising prices of vegetable oil in the domestic market.
Import duty on crude palm oil cut to 10%
On top of the basic customs duty, crude soyabean oil and sunflower oil attract a 20% agriculture infrastructure and development cess and a 10% social welfare cess. The refined versions of soyoil and sunflower oil attract only the social welfare cess.
On June 29, the government had slashed import duty on crude palm oil, refined, bleached, and deodorised palm oil, palm olein, palm stearin, and other palm oils till September 30.
The import duty on crude palm oil was cut to 10%, and that on refined, bleached, and deodorised palm oil, palm olein, palm stearin and other palm oils to 37.5%.
Edible oil is India’s third-largest imported commodity, after crude oil and gold.