Govt slashes import duty on refined palm oil to 12.5% to cool retail prices
Zee News
With reduction in the basic custom duty (BCD), the effective levy (including social welfare cess) on both refined palm oil and refined palmoline will come down to 13.75 per cent from 19.25 per cent, according to Solvent Extractors' Association of India (SEA).
New Delhi: Concerned over high prices of cooking oils, the government has reduced the basic customs duty on refined palm oil to 12.5 per cent from 17.5 per cent till March next year to boost domestic supplies and bring down rates in the domestic retail markets.
With reduction in the basic custom duty (BCD), the effective levy (including social welfare cess) on both refined palm oil and refined palmoline will come down to 13.75 per cent from 19.25 per cent, according to Solvent Extractors' Association of India (SEA).
On Monday late evening, the Central Board of Indirect Taxes and Customs (CBIC) issued a notification which "seeks to reduce BCD on refined palm oil and its fractions from 17.5 per cent to 12.5 per cent till March 31, 2022". The new rate is effective from Tuesday.
