Govt cuts basic customs import duty on refined palm oil to 12.3% from 17.5% 

In a gazette notification by the Central Board of Indirect taxes and Customs (CBIC), Ministry of Finance; the government has decided to cut basic customs import duty on refined palm oil to 12.3 per cent from 17.5 per cent.
 
The reduction in the customs duty will be applicable till March 2022, according to CBIC. The lower duties are intended to boost the domestic supply in the economy and also ease the rising prices of vegetable oil in the domestic market.
 
The CBIC has issued a notification which "seeks to reduce BCD on refined palm oil and its fractions from 17.5 per cent to 12.5 per cent till March 31, 2022". The new rate is effective from Tuesday.
 
Last week, Finance Minister Nirmala Sitharaman told the Lok Sabha, "we will attend to the problem of edible oil price and also some of the essential edible items".

India’s edible oil import bill touched a staggering Rs 1.17 lakh crore between November 2020 and October 2021.

In order to rein in the prices of edible oil, the government has cut import duties on both refined and crude edible oils several times this year. The Union Cabinet also approved Rs 11,000 crore in August 2021 to kickstart its National mission on Edible Palm oil

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