Custom duties on edible oils slashed

With a view to ease elevated level of edible oil prices, the Ministry of Finance has has slashed base custom duties on palm oil, soyoil and sunflower oil. The base import tax on crude palm oil has been reduced to 2.5 per cent from 10 per cent, while the tax on crude soyoil and crude sunflower oil has been reduced to 2.5 per cent from 7.5 per cent. With the reduction, the effective duty on crude palm oil, crude soyoil and crude sunflower oil will come down to 24.75 per cent whereas effective duty on refined palm oil, soyoil and sunflower oil will be 35.75 per cent.

References
1. https://economictimes.indiatimes.com/news/economy/foreign-trade/india-cuts-import-taxes-on-vegetable-oils-to-calm-prices/articleshow/86112116.cms