Duty Free on Imports of Crude Sunflower Oil: While the prices of cooking oils in the country are dropping to the common man .. The Central Government has taken a key decision to control prices. Imports of crude soybeans and crude sunflower oil have been exempted from customs duty and the Agriculture Infrastructure Development Cess (AIDC).
Imports of 20 lakh metric tonnes of crude soybean and crude sunflower oil will be tax deductible for the current financial year as well as the coming financial year. The Union Finance Ministry has issued a statement to this effect.
The Central Board of Indirect Taxes and Customs (CBIC) said the latest decision would provide relief to consumers from rising cooking oil prices.
The Center has already abolished the basic import tax on crude palm oil, crude soybean oil and crude sunflower oil. 5 per cent has been maintained by AIDC.
Russia-Ukraine supplies two-thirds of the global market for sunflower oil. The two countries have been at war for the past few months, leading to a shortage of sunflower oil in the global market. In addition, soybean production declined due to drought conditions in South America.
Central Govt. has allowed import of a quantity of 20 Lakh MT each of Crude Soyabean Oil & Crude Sunflower Oil per year for a period of 2 years at Nil rate of customs duty & Agricultural Infrastructure and Development Cess.
This will provided significant relief to the consumers. pic.twitter.com/jvVq0UTfvv
— CBIC (@cbic_india) May 24, 2022
At the same time, Indonesia, a major producer of palm oil, has imposed a ban on palm oil exports. The prices of cooking oils have skyrocketed due to the lack of adequate supply to meet the demand. In view of this, the prices of cooking oils in the domestic market have also gone up significantly.