relief! Government's big announcement, reduced tax on edible oil; Now the price will be less by Rs.
relief! Government's big announcement, reduced tax on edible oil; Now the price will be less by Rs.

New Delhi. These days rising inflation has increased the problems of the common man a lot. In view of this, the central government has taken a big step to provide relief to the common people during the festival season. The government has reduced Agri Cess and Custom Duty on Palm and Sunflower Oil. Earlier, the Ministry of Consumer Affairs, Food and Public Distribution had issued an order to impose stock limits on oil and oilseeds. The stock limit will be applicable till March 31, 2022. The states have been asked to issue orders and get it strictly followed.

import duty cut

According to this decision of the government, the duty on crude palm oil has been reduced to 8.25% (earlier 24.75%), on RBD palmolein 19.25 (earlier 35.75), on RBD palm oil by 19.25 (earlier 35.75), on crude soya oil by 5.5 (earlier 24.75), refined 19.5 (earlier 35.75) on soya oil, 5.5 (earlier 24.75) on crude sunflower oil and 19.25 (earlier 35.75) on refined sunflower oil. Due to reduction in duty, the price of CPO has decreased by Rs 14,114.27, RBD by Rs 14526.45, soya oil by Rs 19351.95 per tonne. After this decision of the government, there may be a reduction of Rs 15 in edible oils.

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When will the decision come into force

The Central Board of Indirect Taxes and Customs (CBIC) in a notification said that the duty cut will be effective from October 14 and will be applicable till March 31, 2022.

Last month also reduced import duty

Let us tell you, on September 11 last month, the customs duty on palm oil, soya oil and sunflower oil was reduced. Whereas the basic import duty on crude palm oil was reduced from 10 percent to 2.5 percent. At the same time, the import duty on crude soya oil and crude sunflower oil was also reduced from 7.5 percent to 2.5 percent.

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