The Government of India has exempted duty on the import of crude soybean oil and crude sunflower seed oil, effective from May 11th to June 30th. This will result in a fall in the prices of edible oil used in the kitchen. The Central Government has given relief in customs duty on crude edible oil coming under TRQ. Import duty has been exempted on crude soybean and sunflower oil, as well as Agri Infra Cess will not be levied. This new order will be effective from May 11th to June 30th.
what changes
The Finance Ministry has released the import of crude soybean and sunflower oil from basic customs duty and Agriculture Infrastructure and Development Cess until June 30, subject to certain conditions. This exemption is applicable only to importers holding TRQ licenses for the financial year 2022-23. The notification will come into force on May 11, 2023, and the conditions will not apply after June 30, 2023.
