Government rules on non-palm oils

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Government rules on non-palm oils

Government rules on non-palm oils

Government hikes import duty on non-palm oils by 5-10%

▪The Central Board of Indirect Taxes and Customs (CBITC) under Finance Ministry has raised import duty by 5-10% on non-palm edible oils, both crude and refined ones, in order to protect interest of domestic oilseeds growers and processors.

✔ Key Facts(Government rules on non-palm oils)

Sunflower oil: The import duty on crude variant was increased from 25% to 35%, while that on refined variant from 35% to 45%.

Crude groundnut oil: The import duty was increased from 30% to 35%, while that on refined groundnut oil from 35% to 45%.

Canola oil: The import duty was increased from 25% to 35% .

✔ Background(Government rules on non-palm oils)

▪India has 60-65% import dependency in edible oils as there is huge demand supply gap in domestic market. India imports over 14 million tonnes of vegetable oils annually to meet domestic demand.

▪Thus, international trade in edible oils generates huge import bill to be paid every year.

▪The import bill for edible oil is around $10 billion which is India’s third-highest overseas spending after oil and gold.

▪In March 2018, Central Government had raised import duty on crude palm oils from 30% to 44%, while that on refined palm oils to 54% from 40%.

▪But the customs duty on non-palm crude and refined edibles was kept unchanged.

(Government rules on non-palm oils)

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Government rules on non-palm oils

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