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New Delhi: To control rising inflation Centre is taking big move, The central government has announced the removal of customs duty and agriculture infrastructure development cess on import of 2 million tonnes of crude soybean and sunflower oil annually by March 2024. Behind this, the government believes that this exemption in import duty will bring down the domestic prices and will also help in controlling inflation.
According to a Finance Ministry notification, the order will come into force on May 25, 2022, and shall cease to apply after March 31, 2024.
“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. This will provide significant relief to the consumers”, the CBIC tweeted.
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.
This will provided significant relief to the consumers. pic.twitter.com/jvVq0UTfvv
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— CBIC (@cbic_india) May 24, 2022
The announcement comes in the wake of a surge in edible oil prices in India. India is one of the world’s largest vegetable oil importers and relies on imports for 60 per cent of its needs.
Meanwhile, after Russia`s invasion of Ukraine, edible oil prices have shot up significantly. Sunflower oil is imported into India majorly from Ukraine and Russia.
In February, the Government of India on Monday announced that agri-cess on crude palm oil has been reduced to 5 per cent with effect from 12th February 2022 from the earlier 7.5 per cent.
