May 25, 2022
The government scrapped customs duty and agriculture infrastructure development cess on the import of crude soyabean oil and crude sunflower oil for 20 lakh metric tonnes each per year to ease local prices.
According to the reports, the duty-free import of 20 lakh MT per year will be applicable for two fiscals, 2022-23 and 2023-24, for crude soyabean oil and crude sunflower oil, according to a notification by the Finance Ministry. This would mean till March 31, 2024, a total of 80 lakh MT of crude soyabean oil and crude sunflower oil could be imported duty-free. The exemption will help cool domestic prices and control inflation.
Solvent extractors of India (SEA) Executive Director B V Mehta said the prices of soyabean oil are expected to come down by Rs 3 per liter. The government issued a notification regarding a tariff rate quota of 20 lakh tonnes each for crude soybean and sunflower oils. Under the TRQ a customs duty and Agri infra development cess of 5.5 percent would be removed, Mehta said.
Mehta further said the country is likely to import 35 lakh tonnes of crude soyabean oil and about 16-18 lakh tonnes of crude sunflower oil this fiscal. the association has demanded a reduction of import duty on rice bran oil and canola oil as well in order to boost domestic supplies and check retail prices.
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