New Delhi. The Modi government has taken a big decision to reduce the rising prices of edible oil. Actually, the central government has cut the base custom duty on palm oil, soya oil and sunflower oil to bring down the retail prices of edible oils.
The Finance Ministry said in a notification issued late on Friday that the import duty on crude palm oil has been reduced from 10 per cent to 2.5 per cent, while on crude soya oil and crude sunflower oil it has been reduced from 7.5 per cent to 2.5 per cent. percent has been done. This notification has become effective from Saturday.
Expected reduction in retail prices by Rs 4-5 per liter
Solvent Extractors Association of India (SEA) executive director B.V. With this reduction in tax duty, the effective duty on crude palm oil, crude soya oil and crude sunflower oil will come down to 24.75 per cent, while the effective duty on refined palm oil, soya oil and sunflower oil will be 35.75 per cent, Mehta said. He said that with the fresh cut, the retail prices of edible oils may come down by Rs 4-5 per litre.
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He said that it is also generally seen that after reducing India’s import duty, the prices in the international market increase, so the real impact of this cut on edible oil prices can be two to three rupees per liter. He said that the government should have also reduced the import duty of rapeseed (mustard variety) to bring down edible oil prices.
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According to SEA, the total import of vegetable oils (edible and non-edible oils) during November-2020 to July-2021 declined by two per cent to 96,54,636 tonnes as compared to 96,54,636 tonnes in the corresponding period of the previous oil year (November-October). was 98,25,433 tonnes. The Central Board of Indirect Taxes (CBIC) last month halved the basic customs duty on crude soya oil and sunflower oil to 7.5 per cent to boost supplies.
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