The government on Saturday brought down the effective duty on crude palm oil import to 5.5 per cent from 8.25 per cent earlier, a move which will help control cooking oil prices and support domestic processing companies.
Basic customs duty is already nil on crude palm oil (CPO) and now the Central Board of Indirect Taxes and Customs (CBIC) through a notification has cut the agri infra development cess to 5 per cent from 7.5 per cent, effective from February 13.
The effective import duty on crude palm oil will now come down to 5.5 per cent, from 8.25 per cent, after taking into account agri development cess and social welfare cess.
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First Published: Feb 13 2022 | 7:36 AM IST