Govt cuts basic customs duty on crude, refined soyoil, sunflower oil till September 30

The government has halved basic customs duty on crude soyoil and sunflower oil to 7.5 per cent to boost domestic supply and bring down prices.

The Central Board of Indirect Taxes and Customs (CBIC) in a notification also cut basic import duty on refined soyoil and sunflower oil to 37.5 per cent, from 45 per cent with effect from August 20.

The reduced levies would be applicable till September 30. The reduced duties are intended to boost domestic supply and ease rising prices of vegetable oil in the domestic market.

On top of the basic customs duty, crude soyoil and sunflower oil attract a 20 per cent agriculture infrastructure and development cess and a 10 per cent social welfare cess. The refined versions of soyoil and sunflower oil attract only the social welfare cess.

On June 29, the government had slashed import duty on crude palm oil, refined, bleached and deodorised palm oil, palmolein, palm stearin and other palm oils till September 30.

The import duty on crude palm oil was cut to 10 per cent, and that on refined, bleached and deodorised palm oil, palmolein, palm stearin and other palm oils to 37.5 per cent

Edible oil is India’s third-largest imported commodity, after crude oil and gold.

Source: FINANCIAL EXPRESS