Concessional Custom Duty on Edible Oil Import Extended Till March 2023
The Central Board of Indirect Taxes and Customs (CBIC) in notification no. 46/2022-Customs dated 31st August, 2022, has extended existing concessional import duties on specified edible oils up to March 31, 2023. The move is aimed at increasing domestic supply and keeping prices under control.
The concessional customs duty on edible oil import has been extended by another 6 months, which means that the new deadline will now be March 2023.
Prices of edible oil have been on a declining trend driven by a fall in global prices. With falling global rates and lower import duties, retail prices of edible oils have fallen considerably in India.
The current duty structure on crude palm oil, RBD Palmolein, RBD palm oil, crude soybean oil, refined soybean oil, crude sunflower oil, and refined sunflower oil remains unchanged till March 31, 2023.
The import duty on crude varieties of palm oil, soyabean oil, and sunflower oil is currently zero. However, after taking into account 5 percent agric and 10 percent social welfare cess, the effective duty on crude varieties of these three edible oils touches 5.5 percent.
The basic customs duty on refined varieties of Palmolein and refined palm oil is 12.5 percent, while the social welfare cess is 10 percent. So, the effective duty is 13.75 percent. For refined soya bean and sunflower oil, the basic customs duty is 17.5 percent, and taking into account 10 percent social welfare cess, the effective duty comes to 19.25 percent.
Next Story:
-
Chicken Prices Rise Due To Coronavirus
![Chicken Prices Rise Due To Coronavirus]()
Chicken prices have increased sharply in Telugu states due to the Corona effect. Traders and consumers say that they have increased by Rs. 20 to Rs. 30 in the last week. In major cities like Hyderabad, Vijayawada, Warangal and Visakhapatnam, the price of broiler chicken is ranging from Rs. 260 to Rs. 280. According to…
-
Fraudster Duped 350 People And Collected Rs. 20 Crore In Hyderabad
![Fraudster Duped 350 People And Collected Rs. 20 Crore In Hyderabad]()
Another huge fraud has come to light in Hyderabad. The police have sent a fraudster who was targeting innocent people behind bars.
-
Lal Darwaja Bonalu To Begin From July 11
![Lal Darwaja Bonalu To Begin From July 11]()
The Patabasti Lal Darwaja Sri Mahaankali Bonalu Jatara Utsavam, celebrated with the greatest pomp and grandeur in the Telangana region, will begin from July 11. The temple committee is making all arrangements to organize the 117th annual Brahmotsavam in the most grand manner this year.
-
Telangana Govt Announces Police Service Medals: 11 Got Gallantry Medals
![Telangana Govt Announces Police Service Medals: 11 Got Gallantry Medals]()
Telangana government has announced police service medals. On the occasion of the State Formation Day, Special Principal Secretary of the Home Department, Ravigupta issued orders announcing the police service medals.
-
Kavitha Demands Revanth Reddy To Scrap GHMC Monsoon Tender
![Kavitha Demands Revanth Reddy To Scrap GHMC Monsoon Tender]()
BRS MLC K.Kavitha demanded Chief Minister Revanth Reddy to immediately cancel tenders issued for monsoon emergency and instant repair teams under GHMC, alleging serious irregularities aimed at favouring select companies.
Now you can get latest stories from Indtoday on Telegram everyday. Click the link to subscribe. Click to follow Indtoday Facebook page and Twitter and on Instagram. For all the latest Hyderabad News updates
