Lower import tax rates on edible oils extended until March 2025
Aiming to keep the prices in check, the Central government has extended the reduced customs duty applicable to edible oil imports by a year.
India is the world’s largest importer of edible oil as it meets 60 percent of its requirement through imports.
India buys palm oil mainly from Indonesia, Malaysia, and Thailand while it imports soybean and sunflower oil from Argentina and Brazil.
The government had initially in June this year lowered the basic customs duty on crude palm oil, crude sunflower oil, and crude soy oil from 17.5 percent to 12.5 percent till March 2024 as prices were spiraling out of control. This date for the reduced duty to be applicable has now been extended to March 2025.
[With Inputs from IANS]
For all the latest updates, download PGurus App.
