MOF exempts custom duty on import of Crude Soya-bean oil and Crude Sunflower seed oil

The Department of Revenue under Ministry of Finance has exempts custom duty on import of Crude Soya-bean oil and Crude Sunflower seed oil via issuing Notification.

The Notification Stated, “In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) read with section 124 of the Finance Act, 2021 (13 of 2021), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods of the description specified in column (3) of the Table below, falling under the sub-heading or tariff item of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the ‘Customs Tariff Act’), as specified in the corresponding entry in column (2) of the said Table, when imported into India, from the whole of the customs duty leviable thereon under the First Schedule to the Customs Tariff Act and from the whole of the Agriculture Infrastructure and Development Cess leviable thereon under the said section of the Finance Act, 2021, subject to the conditions specified in the Annexure to this notification.”

This notification shall come into force on the 11th day of May, 2023, and nothing contained in this notification shall apply after the 30th of June, 2023.

For Official Notification Download PDF Given Below: