Advertisement
Wednesday, Oct 13, 2021
Outlook.com
Outlook.com

Festive Bonanza: Government Slashed Import Taxes On Edible Oils Till March 2022, Check Details

The latest development will cut the effective import tax on crude palm oil, crude soya oil and crude sunflower oil from 24.75 percent till now to 0.

Festive Bonanza: Government Slashed Import Taxes On Edible Oils Till March 2022, Check Details
Festive Bonanza: Government Slashed Import Taxes On Edible Oils Till March 2022, Check Details
outlookindia.com
2021-10-13T21:00:03+05:30

The government on Wednesday reduced various import taxes on palm oil, soyoil and sunflower oil ahead of the festive season till March 31, 2022, said the Bureau of Indirect Taxes and Customs.

According to Monecontrol, the latest development will cut the effective import tax on crude palm oil, crude soya oil and crude sunflower oil from 24.75 percent till now to 0. However, the import tax on refined soya oil and refined sunflower oil remain in place.

With this move, it is anticipated that the tax cuts could bring down local edible oil prices and stimulate demand and imports, potentially supporting global palm oil, soyoil and sunflower oil prices.

In June, the edible oil duties had been first cut. Afterward, basic customs duties were cut in August and September in less than a month. However, retail prices have continued to remain high due to it the cut-off date for ending duty cuts, September 30, may have to be extended, officials had said last month.

Moreover, there will be two more tax cuts that would be announced before the new crop arrives in November, according to sources.

The move also saw the lifting of an additional agri cess that had been placed on these items earlier this year.

Agri cess lifted

‘Agriculture Infrastructure and Development Cess’ (AIDC), introduced in the latest budget, and in effect from February 2021 has been levied which would be collected on specific imported and excisable goods.

The main purpose for levying AIDC is to finance agriculture infrastructure and other development expenditures, while also conserving and processing agricultural output efficiently. AIDC shall be levied on the import of goods specified in the first schedule of the Customs Tariff Act at a rate not exceeding the customs.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

India Strongly Rejects China's Objection To VP Naidu's Arunachal Visit

India Strongly Rejects China's Objection To VP Naidu's Arunachal Visit

"Objecting to the visit of Indian leaders to a state of India does not stand to reason and understanding of Indian people," the MEA Spokesperson said.

Lakhimpur Kheri: Congress Leaders Meet President, Demand Dismissal Of MoS Ajay Mishra

Lakhimpur Kheri: Congress Leaders Meet President, Demand Dismissal Of MoS Ajay Mishra

Rahul Gandhi, A K Antony, Ghulam Nabi Azad, Mallikarjun Kharge and Priyanka Gandhi Vadra was among the leaders from Congress, who met President Ram Nath Kovind.

IPL 2021, KKR Vs DC: Russell Factor And A Talent Called Venkatesh Iyer

IPL 2021, KKR Vs DC: Russell Factor And A Talent Called Venkatesh Iyer

It's a virtual semifinal against Delhi Capitals in Sharjah tonight. Here's weighing the strengths and weaknesses of Kolkata Knight Riders.

J&K Govt Asks ‘Panicked’ Migrant Staff Not To Leave Valley; Work Or Face Action

J&K Govt Asks ‘Panicked’ Migrant Staff Not To Leave Valley; Work Or Face Action

The Jammu and Kashmir government in its order said that if migrant staff fails to join their duties, they will face action as per service rules.

Advertisement