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:
-
Man Held For Smuggling PDS Rice From Mancherial To Maharashtra
![Man Held For Smuggling PDS Rice From Mancherial To Maharashtra]()
Mancherial/Hyderabad, Nov 5 (Maxim News): A person was arrested by sleuths of Ramagundam commissionerate’s task force team for allegedly smuggling rice meant for the Public Distribution System (PDS) in Mandamarri on Tuesday. A trolley and 7 quintals of rice grains were seized from his possession.
-
Man Held For Providing Bank Account To Fraudsters In Rs. 2.92 Cr Online Scam
![Man Held For Providing Bank Account To Fraudsters In Rs. 2.92 Cr Online Scam]()
Hyderabad, Nov 5 (Maxim News): The Cyberabad police arrested a man who had provided his bank account to cyber fraudsters who used it to dupe a man of Rs. 2.92 crore on the pretext of providing huge profits on investment in various businesses.
-
Cyberabad Police Arrest Man In Rs. 1.37 Cr ‘Digital Arrest’ Fraud Case
![Cyberabad Police Arrest Man In Rs. 1.37 Cr ‘Digital Arrest’ Fraud Case]()
Hyderabad, Nov 5 (Maxim News): The Cyberabad police arrested a man for his alleged involvement in a ‘digital arrest’ fraud case.
-
Canada Temple Attack: Pawan Kalyan Calls For Action
![Canada Temple Attack: Pawan Kalyan Calls For Action]()
Amaravathi/Hyderabad, Nov 5 (Maxim News): Describing the attack on a Hindu temple in Canada as “more than an isolated incident.” Andhra Pradesh Deputy Chief Minister Pawan Kalyan has said the incident pained him reply and expressed hope that the Canadian government would take necessary steps to ensure the safety of the Hindu community there.
-
Woman Gang-Raped In Hyderabad
![Woman Gang-Raped In Hyderabad]()
Hyderabad, Nov 5 (Maxim News): A woman was gang-raped by thugs in Maduranagar area of the city. The victim complained to the police that three youths raped her. In the complaint, it is said that she was taken away after telling lies while coming from work.
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
