India cuts duty on sunflower oil

Published 2021년 10월 15일

Tridge summary

India's finance ministry has slashed taxes on edible oil imports, including crude palm, soybean, and sunflower oil, reducing the base customs duty from 2.5% to zero. The move, made in an effort to combat rising retail prices for cooking oils, is part of a series of tax reductions since June and will be in effect until the end of March 2022. Additionally, the government has imposed restrictions on edible oils and oilseeds stocks to prevent stockpiling and lowered the base customs duty on food grade soybean and sunflower oils, as well as refined palm oil, from 32.5% to 17.5%. However, concerns have been raised about the effectiveness of these tariff cuts as international prices continue to rise.

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Original content

10/15/2021 On October 13, India's finance ministry cut taxes on edible oil imports, which have been cut for the fourth time since June as the government tries to cut rising retail prices for cooking oils. The base customs duty on crude palm oil, crude soybean oil and crude sunflower oil was reduced from 2.5% to zero. Crude palm oil also benefits from a sharp decline in agricultural production from 20% to 7.5%. Agricultural costs for both crude soybean oil and crude sunflower oil have been reduced from 20% to 5%. All changes take effect from Thursday to the end of March 2022, as indicated in the orders. In addition, the base customs duty on food grade soybean oil, food grade sunflower oil, refined bleached deodorized (RBD) palm oil, RBD palm, RBD palm stearin, and any palm oil other than crude palm oil was reduced from 32.5% to 17.5%. The move came after the government on Sunday imposed restrictions on edible oils and oilseeds stocks until the end of March to prevent stockpiling ...

Source: Oilbranch