Govt cuts import duty on crude palm oil to ease domestic edible oil prices
The Central Board of Indirect Taxes and Customs (CBIC) lowered import duty on crude palm oil to 10 per cent and other palm oils to 37.5 per cent through a notification issued on Tuesday
- Jun 29, 2021,
- Updated Jun 29, 2021 11:56 PM IST
Amid soaring inflation and high edible oil prices, the Union Finance Ministry on Tuesday reduced import duty on crude palm oil as well as other palm oil with an aim to ease prices in the domestic market.
The Central Board of Indirect Taxes and Customs (CBIC) lowered import duty on crude palm oil to 10 per cent and other palm oils to 37.5 per cent through a notification issued on Tuesday.
The revised rates will be effective from June 30 and will remain in force till September 30 this year.
Currently, an import duty of ten per cent is applicable on crude palm oil while other palm oil are in 45 per cent tariff bracket.
India's retail inflation accelerated to 6.3 per cent on the back of high food and energy prices. At this level, the retail inflation is higher than the upper tolerance limit of the Reserve Bank of India.
Also Read: 'Boycott China' flops: Mainland China overtakes US to become India's largest trade partner in FY21 Also Read: June GST collection may miss Rs 1 lakh crore-mark for first time in eight months Also Read: RIL partners ADNOC to set up integrated chemical plant in UAE's Ruwais
Amid soaring inflation and high edible oil prices, the Union Finance Ministry on Tuesday reduced import duty on crude palm oil as well as other palm oil with an aim to ease prices in the domestic market.
The Central Board of Indirect Taxes and Customs (CBIC) lowered import duty on crude palm oil to 10 per cent and other palm oils to 37.5 per cent through a notification issued on Tuesday.
The revised rates will be effective from June 30 and will remain in force till September 30 this year.
Currently, an import duty of ten per cent is applicable on crude palm oil while other palm oil are in 45 per cent tariff bracket.
India's retail inflation accelerated to 6.3 per cent on the back of high food and energy prices. At this level, the retail inflation is higher than the upper tolerance limit of the Reserve Bank of India.
Also Read: 'Boycott China' flops: Mainland China overtakes US to become India's largest trade partner in FY21 Also Read: June GST collection may miss Rs 1 lakh crore-mark for first time in eight months Also Read: RIL partners ADNOC to set up integrated chemical plant in UAE's Ruwais