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The Government Reduced Import Duty On Refined Palm Oil By 12.5%: India Import-Export
by Exim Trade Data Global Import Export Trade DataTo increase domestic supplies and to control and bring down the rising retail prices of cooking oil, the Indian government reduced the customs duty of refined palm oil from 17.5 per cent to 12.5 per cent.
As per the recent reports and India Import Data, the government has decided to allow traders and merchants to import refined palm oil without license till Dec 2022, a year more.
The CBIC (Central Board of Indirect Taxes), to bring down BCD (Basic Customs Duty) on refined palm oil and its fractions to 12.5 per cent from 17.5 per cent till March 31, 2022.
The new rates are to take effect from Tuesday. According to SEA (Solvent Extractor’s Association) of India, BV Mehta, the executive director, with the cut in the duty, the effective tax on both pemoline and palm oil will reduce to 13.75 per cent including economic aid for 19.25 per cent.
Some of the major imports of Inida are given below:
Oil | Price | Unit |
Groundnut Oil | Rs181.48 | /kg |
Mustard Oil | Rs187.43 | /kg |
Vanaspati Oil | Rs138.5 | /kg |
Soybean Oil | Rs150.78 | /kg |
Sunflower Oil | Rs163.18 | /kg |
Palm Oil | Rs129.94 | /kg |
The data is based on reports of the consumer affairs ministry.
Mehta said on the duty cut that refined palm oil import will increase as duty contrast with crude palm oil has reduced to 5.5 per cent. At present, the effective duty on Crude palm oil is 8.25 per cent. Nirmala Sitharaman, the Finance Minister of India addressed the matter in the Lok Sabha where she said,'' we are addressing the problem and hike in the prices of edible oil and some of the other essential edible items.``
The Indian government has reduced import duties on both crude and refined edible oils frequently this year to control the increasing prices of edible oil. Earlier, the commerce ministry announced that traders will be allowed to import refined bleached deodorised palmolein and refined bleached deodorised palm oil without license till Dec 2022.
As per the Solvent Extractor’s Association of India, to meet its domestic requirement of 65 per cent which is about 2222.5 million tonnes, India depends majorly on its import. The country imports around 13 to 15 million tonnes of edible oil to fill the gap and meet the demand and domestic supply.
India Imports of Oil by Country
Country | Last | Previous | Unit | Year |
Chia | 598.17 | 649.63 | INR Billion | November 2021 |
United Arab Emirates | 267.47 | 285.73 | INR Billion | November 2021 |
Saudi Arabia | 262.52 | 189.05 | INR Billion | November 2021 |
Iraq | 246.45 | 143.75 | INR Billion | November 2021 |
United States | 241.92 | 284.01 | INR Billion | November 2021 |
Switzerland | 163.46 | 186.89 | INR Billion | November 2021 |
Australia | 159.91 | 141.03 | INR Billion | November 2021 |
Singapore | 117.66 | 116.92 | INR Billion | November 2021 |
Hong Kong | 112.26 | 132.01 | INR Billion | November 2021 |
Indonesia | 110.53 | 115.24 | INR Billion | November 2021 |
As per the Inida Import And Export Data 2020-21 these are some of the top oil importing countries of India.
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Global Import Export Trade Data
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Created on Feb 13th 2022 23:31. Viewed 289 times.
