In a bid to enhance domestic supply and reduce prices, the government has reduced the basic customs duty on crude, soyoil, and sunflower oil to 7.5 percent - just about half of its previous rate. The Central Board of Indirect Taxes and Customs (CBIC) said in a notification that the basic import duty on refined soyoil as well as sunflower oil is lowered to 37.5 percent - from 45 percent, with effect from August 20.

The CBIC in a notification also cut basic import duty on refined soyoil and sunflower oil to 37.5 percent, from 45 percent with effect from August 20. The reduced levies would be applicable till September 30. The reduced duties are intended to boost domestic supply and ease rising prices of vegetable oil in the domestic market. On top of the basic customs duty, crude soyoil and sunflower oil attract a 20 percent agriculture infrastructure and development cess and a 10 percent social welfare cess.

The refined versions of soya oil and sunflower oil attract only the social welfare cess. On June 29, the government had slashed import duty on crude palm oil, refined, bleached and deodorized palm oil, palmolein, palm stearin and other palm oils till September 30. The import duty on crude palm oil was cut to 10 percent, and that on refined, bleached and deodorized palm oil, palmolein, palm stearin and other palm oils to 37.5 percent. Edible oil is India's third-largest imported commodity, after crude oil and gold.

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