New Delhi: The government on Wednesday abolished Basic Custom Duty on crude varieties of palm, soybean and sunflower oil till March 2022 and also reduced agricultural cess on these items with a view to bring down prices during the festive season. edible oil industry body, seaSaid that the retail prices of edible oils may now come down from Rs 10 to Rs 15 per liter soon.
According to the notification issued by the Finance Ministry on Wednesday, the fee cut will be effective from October 14 and will remain in force till March 31, 2022. After this deduction, effective customs duty will be applicable on crude varieties of palm, soybean and sunflower oil. be 8.2%, 5.5% and 5.5% respectively.
In addition, the basic customs duty on refined varieties of sunflower, soybean, palmolein and palm oil has been reduced to 17.5% from the existing 32.5%.
The government was forced to bite the bullet of reducing agri-cess, facing an uphill task to contain rising edible oil prices, sources said. As per the notification, Agri-Infrastructure Development Cess (AIDC) will now be levied on crude palm oil at 7.5%, while for crude soybean oil and crude sunflower oil, the rate will be 5%. Earlier there was a cess of 17.5% on imported crude palmolein oil and 20% on crude sunflower and soybean oils.
Executive Director of Solvent Extractors Association of India Biwi Mehta He said, “The government has taken the right step to provide relief to the consumers. We have a concern that this decision has come at a time when farmers are harvesting soya and groundnut. There is a possibility that this may bring down the market prices and lower prices to the farmers.
According to the notification issued by the Finance Ministry on Wednesday, the fee cut will be effective from October 14 and will remain in force till March 31, 2022. After this deduction, effective customs duty will be applicable on crude varieties of palm, soybean and sunflower oil. be 8.2%, 5.5% and 5.5% respectively.
In addition, the basic customs duty on refined varieties of sunflower, soybean, palmolein and palm oil has been reduced to 17.5% from the existing 32.5%.
The government was forced to bite the bullet of reducing agri-cess, facing an uphill task to contain rising edible oil prices, sources said. As per the notification, Agri-Infrastructure Development Cess (AIDC) will now be levied on crude palm oil at 7.5%, while for crude soybean oil and crude sunflower oil, the rate will be 5%. Earlier there was a cess of 17.5% on imported crude palmolein oil and 20% on crude sunflower and soybean oils.
Executive Director of Solvent Extractors Association of India Biwi Mehta He said, “The government has taken the right step to provide relief to the consumers. We have a concern that this decision has come at a time when farmers are harvesting soya and groundnut. There is a possibility that this may bring down the market prices and lower prices to the farmers.
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