Government cuts duty on refined soybean, sunflower oils to 12.5%
The Centre has cut import duty on refined soybean and refined sunflower oils to 12.5 percent from 17.5 percent effective June 15, a notification said.
India, the world’s biggest vegetable oil buyer, imports soybean oil and sunflower oil primarily from Argentina, Brazil, Ukraine and Russia.
With this latest order, now all crude edible oils – crude palm oil, crude sunflower oil and crude soyabean oil — attract import duty of 5 per cent. Their refined oils attract import duty of 12.5 per cent plus cess at 10 per cent on import duty.
In May, the government had exempted customs duty and agriculture cess on yearly import of 20 lakh metric tonnes of crude soybean and sunflower oil till March 2024.
(This is a developing story. Please come back for updates)
