Government imposed 50 percent duty on export of molasses made from sugarcane juice, it is used in liquor production.
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According to a notification issued by the Finance Ministry, 50 percent export duty will be imposed on molasses. According to another notification, the Finance Ministry has extended the existing concessional duty rates on import of crude and refined edible oils palm, soybean and sunflower for one year i.e. till March 31, 2025.
New Delhi. The government has imposed 50 percent duty on the export of molasses made from sugarcane juice, which is used as raw material for liquor production. This will be effective from January 18. According to a notification issued by the Finance Ministry, 50 percent export duty will be imposed on molasses. According to another notification, the Finance Ministry has extended the existing concessional duty rates on import of crude and refined edible oils palm, soybean and sunflower for one year i.e. till March 31, 2025.
In June last year, the government had reduced the basic import duty on refined soybean oil and sunflower oil from 17.5 percent to 12.5 percent. India mainly imports palm oil from Indonesia and Malaysia and small quantities of other crude oils including soybean from Argentina. Sunflower oil is imported from Ukraine and Russia.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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