Reduction of tariffs on cooking oil

New Delhi: On Wednesday, the government will abolish basic tariffs on crude palm, soybean and sunflower oil until March 2022 and reduce tariffs on these items in a move aimed at reducing prices during the festive season. bottom. SEA, an edible oil industry group, said retail prices for edible oil could quickly drop by 10 to 15 rupees per liter.
The tax cut will be effective from October 14th and until March 31st, 2022, according to a notice released by the Treasury on Wednesday. After this reduction, effective tariffs will be applied to crude varieties of palm, soybean and sunflower oil. They are 8.2%, 5.5% and 5.5% respectively.
In addition, the basic tariffs on refined sunflower, soybean, palmolein and palm oil varieties have been reduced from the current 32.5% to 17.5% each.
Faced with the daunting task of curbing soaring cooking oil prices, the government has been forced to bite a bullet to cut agriculture, sources said. According to the notice, palm crude currently attracts an agricultural infrastructure development success rate (AIDC) of 7.5%, while soybean oil and sunflower oil will be 5%. Previously, imported crude palmolein oil was used at 17.5%, and crude sunflower oil and soybean oil were used at 20%.
BVMehta, Executive Director of Solvent Extractors’ Association of India, said: There is one concern that decisions may be made when farmers are harvesting soybean and peanut crops. This can lead to lower market prices and lower farmer realization of prices. ”

Reduction of tariffs on cooking oil

Source link Reduction of tariffs on cooking oil

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