No base import tax on crude vegetable oils till March 2022

All import duties on crude varieties of palm oil, soyabean oil and sunflower oil have been scrapped till March 2022, the Central Bureau of Indirect Taxes and Customs (CBIC) stated in a notification. In addition, the basic customs duty on refined varieties of sunflower, soyabean, palmolein and palm oil has been slashed to 17.5 per cent each from 32.5 per cent at present. The duty cuts will be effective from 14 October 2021 and will remain in force till 31 March 2022. The CBIC has also reduced Agriculture Infrastructure and Development Cess (AIDC) on crude palm oil imports to 7.5 per cent from 20 per cent, while AIDC on crude soyoil and crude sunflower oil has been slashed from 20 per cent to five per cent. The move will help cool prices and increase domestic availability in the festive season.