India Cuts Basic Import Duty OnEdible Oils
India reduces basic import duty on crude palm oil (CPO) from 27.5% to 15%, along with soybean and sunflower oil. Finance Minister Nirmala Sitharaman announces in the annual budget for 2021/22. Additionally, a 17.5% cess on CPO and 20% on crude soybean and sunflower oil is proposed. India, the largest importer of vegetable oils globally, aims to ease import burdens with these adjustments.
India slashed the basic import duty on crude palm oil (CPO) to 15% from 27.5% earlier, Finance Minister Nirmala Sitharaman said on Monday. The basic custom duty on soybean oil and sunflower oil also cut 15% from 35% earlier Sitharaman said in her annual budget presented for 2021/22 financial year.
The government has proposed 17.5% cess on CPO and 20% cess on crude soybean and sunflower oil, she said. India is the world’s biggest importer of vegetable oils.
Source Link: https://businessworld.in/article/india-cuts-basic-import-duty-on-edible-oils-372418
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