New Delhi: In a bid to provide required relief to consumers, the Central Government exempted 20 lakh metric tonnes of crude soyabean and sunflower oil imports from customs tax and agriculture infrastructure development cess on Tuesday.
The order will take effect on May 25, 2022, and will expire on March 31, 2024, according to a Finance Ministry announcement.
"The Central Government has allowed the import of a quantity of 20 lakh MT each of crude soyabean oil and crude sunflower oil per year for a period of two years at a nil rate of customs duty and Agricultural Infrastructure and Development Cess, which will provide significant relief to consumers," the Central Board of Indirect Taxes & Customs (CBIC) tweeted.
The announcement comes as India's edible oil costs have risen dramatically. India is one of the world's top importers of vegetable oil, relying on imports for 60% of its requirements. Meanwhile, edible oil costs have risen dramatically since Russia's invasion of Ukraine. India imports sunflower oil primarily from Ukraine and Russia.
The Government of India stated in February that the agricultural tax on crude palm oil will be decreased to 5% from 7.5 percent with effect from February 12, 2022.