New Delhi: The government on Tuesday reduced import duties in crude palm oil to 10 percent, and other palm oils up to 37.5 percent to 30 September, steps that will help reduce oil prices that can be eaten in the domestic market.
The Customary Council of Taxes and Customs (CBIC) in notification of reducing basic customs in crude palm oil to 10 percent and palm oil in addition to crude palm oil to 37.5 percent with the effect of June 30, 2021.
At present, customs assignments in oil Crude palm oil is 15 percent, while 45 percent for all palmolein categories (RBD palm oil, Palmolein RBD, RBD Palm Stearin and other palm oil other than crude palm oil).
“This notification comes into force on June 30, 2021 and will remain valid until and inclusive September 30, 2021,” CBIC said.
Solvent Extractors Association of India (SEA) Executive Director of BV Mehta said the import duty in crude palm oil (CPO) has decreased to 10 percent from 15 percent.
However, he said the effective task on crude palm oil (CPO) has now fell 5.50 percent to 30.25 percent from 35.75 percent.