Concessional import duties on specified edible oils are in place till March 2023, the food ministry said on Sunday.
This decision was taken on August 31, 2022, by the Central Board of Indirect Taxes and Customs (CBIC) in order to boost domestic supply and keep retail prices under control.
The food ministry in its latest statement said that the CBIC’s decision of extending existing concessional import duties on specified edible oils is in place till March 2023.“The concessional customs duty on edible oil import has been extended by another 6 months, which means that the new deadline will now be March 2023,” the statement said.
The ministry also said that domestic edible oil prices have been on a declining trend driven by a fall in global prices. With falling global rates and lower import duties, retail prices of edible oils have fallen considerably in India.
According to the statement, the current duty structure on crude palm oil, RBD Palmolein, RBD palm oil, crude soybean oil, refined soybean oil, crude sunflower oil, and refined sunflower oil remains unchanged till March 31, 2023.
The import duty on crude varieties of palm oil, soyabean oil, and sunflower oil is currently zero. After taking into account 5 per cent agri cess and 10 per cent social welfare cess, the effective duty on crude varieties of these three edible oils is 5.5 per cent.
