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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