Govt cuts import duty on crude palm oil to lower retail edible oil prices
The Hindu
Currently, basic customs duty on crude palm oil is 15%, while it is 45% for all other categories of palmolein.
The government on Tuesday reduced to 10%, which will help bring down the edible oil prices in the retail market. The Central Board of Indirect Taxes and Customs (CBIC) in a notification cut the basic customs duty on crude palm oil to 10% and refined palm oil to 37.5% with effect from Wednesday. The effective duty, which includes cess and other charges, on crude palm oil will be 30.25%, while for refined palm oil it would be 41.25% from Wednesday.More Related News