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India considers tax cut on soybean and sunflower oil to cool prices: Report

Curbing the tax could be one of the limited options available for the government to reduce surging vegetable oil prices in the world's second most-populous nation

Sunflower Oil

(Photo: Bloomberg)

India is considering cutting an import levy on soybean and sunflower oils, another step in a series of measures the country has taken to cool surging local prices of food.

The government is deliberating whether to reduce the agriculture infrastructure and development cess, which is currently 5%, or abolish it, according to a person familiar with the matter. A final decision may be taken this week, said the person, who asked not to be identified as the information is private. A finance ministry spokesperson was not immediately available to comment.

The extra levy is used by the government to collect funds for

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First Published: May 24 2022 | 5:15 PM IST

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