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Govt scraps basic customs duty, cuts agri cess on vegetable oils

The move which will help cool prices and increase domestic availability in the festive season

Topics
Vegetable oil | Customs duty | Centre

Press Trust of India  |  New Delhi 

Palm oil, edible

The government on Wednesday scrapped basic as well as slashed agri cess on crude varieties of palm, soyabean and sunflower oil till March 2022, a move which will help cool prices and increase domestic availability in the festive season.

The duty cuts will be effective from October 14 and will remain in force till March 31, 2022, the Central Board of Indirect Taxes and Customs (CBIC) said in a notification.

Crude palm oil will now attract agri infrastructure development cess (AIDC) of 7.5 per cent, while the rate will be 5 per cent for crude soyabean oil and crude sunflower oil.

Post reduction, the effective on crude varieties of palm, soyabean and sunflower oil will be 8.25 per cent, 5.5 per cent and 5.5 per cent respectively.

Besides, the basic on refined varieties of sunflower, soyabean, palmolein and palm oil has been slashed to 17.5 per cent each from 32.5 per cent at present.

"The government has slashed import duties on edible oils because of high retail prices in the domestic market and the festive season," Solvent Extractors' Association of India Executive Director B V Mehta said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, October 13 2021. 16:39 IST
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