Center reduced customs duty on import of soybean and sunflower oil by 5%. Loktej Business News
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New Delhi, 15 June (Hindustan Times). The central government has cut customs duty on import of soybean and sunflower oil by 5 per cent. After this reduction, the duty on import of edible oils has now come down from 17.5 per cent to 12.5 per cent. The government has issued a notification in this regard, which has come into force from today.
The Ministry of Consumer Affairs, Food and Public Distribution on Thursday informed that the government has reduced the customs duty on import of soybean and sunflower oil from 17.5 per cent to 12.5 per cent. An order to this effect has been issued by the Ministry of Food vide notification number 39/2023-Customs, dated June 14, 2023, which will remain in force till March 31, 2024.
According to the ministry, the central government has reduced the basic import duty on edible oils to ensure availability of edible oils to consumers at affordable prices. Consumers will benefit from the Centre’s move to reduce import duty on refined sunflower and refined soybean oil. Also, it will help in reducing the retail prices in the domestic market.
It is noteworthy that in October 2021, the central government had reduced the import duty on refined soybean oil and refined sunflower oil from 32.5 percent to 17.5 percent.
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