Edible Oil Price: A fall in the prices of edible oil can be recorded soon. The Modi government on Tuesday announced the removal of customs duty and agriculture cess on import of 2 million tonnes of crude soybean and sunflower oil annually by March 2024. According to the notification issued by the Finance Ministry on Tuesday, import duty will not be imposed on 20 lakh tonnes of crude soybean oil and sunflower oil in the financial years 2022-23 and 2023-24 annually.
The government believes that this exemption in import duty will bring down domestic prices and help in controlling inflation. The Central Board of Indirect Taxes and Customs (CBIC) wrote in a tweet, “This decision will bring significant relief to the consumers.”
Central Govt. has allowed import of a quantity of 20 Lakh MT each of Crude Soyabean Oil & Crude Sunflower Oil per year for a period of 2 years at Nil rate of customs duty & Agricultural Infrastructure and Development Cess.Advertisement
This will provided significant relief to the consumers. pic.twitter.com/jvVq0UTfvv
— CBIC (@cbic_india) May 24, 2022
Significantly, the government had reduced the excise duty on petrol and diesel last week amid rising oil prices. Along with this, it was also decided to remove the import duty on some raw materials used in the steel and plastic industry.
This means that by March 31, 2024, a total of 8 million tonnes of crude soybean oil and crude sunflower oil can be imported duty free. BV Mehta, executive director of Solvat Extractors of India (SEA), said that with this decision of the government, the price of soybean oil will come down by Rs 3 per liter.
The government has issued a notification regarding Duty Rate Quota (TRQ) for 20 lakh tonnes of crude soybean and sunflower oils. Mehta said that under TRQ, customs duty and agriculture cess of 5.5 percent will be removed.
Crude Oil Production: Crude oil production declined to 24.7 lakh tonnes in April
Vijay Singla Arrested: Vijay Singla’s first statement after his dismissal and arrest, know what he said?