Govt raises import duty on palm oil, soyoil to support farmers
World's biggest importer of edible oils also raised the import tax on crude soyoil to 30%
 "Small businessmen and traders in Surat are ready to embrace GST, but Congress leaders are trying to incite them against the BJP government in Gujarat, which goes to polls next month”, SMRITI IRANI, Union textiles minister")
Small businessmen and traders in Surat are ready to embrace GST, but Congress leaders are trying to incite them against the BJP government in Gujarat, which goes to polls next month”, SMRITI IRANI, Union textiles minister
India doubled the import tax on crude palm oil to 30 per cent, while the duty on refined palm oil has been raised to 40 per cent from 25 per cent earlier, the government said in an order late on Friday, as it tries to support local farmers.
The world's biggest importer of edible oils also raised the import tax on crude soyoil to 30 per cent from 17.5 per cent earlier. It raised the import tax on refined soyoil to 35 per cent from 20 per cent earlier, it said.
India imports palm oil mainly from Indonesia and Malaysia and soyoil from Argentina and Brazil.
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First Published: Nov 18 2017 | 12:02 PM IST