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:
-
Awareness Program On Groundwater Recharge Held In Hyderabad
![Awareness Program On Groundwater Recharge Held In Hyderabad]()
Hyderabad, May 21 (Maxim News): An awareness program on the shallow aquifer recharge project was conducted at the Kakatiya Park in Habsiguda on Tuesday. Along with the civil officials, local residents also participated in the event.
-
Health Advisory Ahead Of Rainy Season In Telangana
![Health Advisory Ahead Of Rainy Season In Telangana]()
Hyderabad, May 21 (Maxim News): Light to moderate rains or thundershowers, as forecast by IMD-Hyderabad for Telangana, might offer a reprieve from the summer heat, but the moderate temperatures and humidity could also be a breeding ground for various viral infections as well as mosquito, food and water borne diseases.
-
Cybercriminals Impersonate DGP Ravi Gupta in Scams
![Cybercriminals Impersonate DGP Ravi Gupta in Scams]()
Hyderabad, May 21:(Maxim News): Scammers are using the photo of Telangana DGP Ravigupta to commit cybercrimes. By setting DGP Ravigupta’s photo as a WhatsApp display picture, they are deceiving people.
-
Hyderabad: US Consulate Extends Students VISA Season By Two Weeks
![Hyderabad: US Consulate Extends Students VISA Season By Two Weeks]()
Hyderabad, May 21 (Maxim News): The US Consulate in Hyderabad has extended the student visa season by two weeks, ensuring that students with later interview dates can arrive in the US in time for their programs. As a result, student visa interviews will now continue until the end of August 2024.
-
DCA Seizes Overpriced Antibiotic Ointment: Raids Unlicensed Clinic
![DCA Seizes Overpriced Antibiotic Ointment: Raids Unlicensed Clinic]()
Hyderabad, April 21 (Maxim News): The Drugs Control Administration (DCA) of Telangana has seized an overpriced batch of ‘Teet-Bet Ointment’ (Mupirocin Ointment IP 2% w/w) at Uppal in Medchal-Malkajgiri District. Additionally, they raided an unlicensed clinic operated by a quack in Azmapur Village, Pedda Adisherlapally Mandal, Nalgonda District.
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
