Centre raises import tax on edible oils for supporting local farmers and refiner

NewsBharati 19-Nov-2017

Total Views |

New Delhi, November 19: Putting the farmers’ welfare above all, India has raised import tax on edible oil to the highest level in more than a decade. The main aim behind this measure is to help farmers and local refiners. Import duty on crude palm oil has been doubled to 30 percent from 15 percent and on refined oil to 40 percent from 20 percent.

Local farmers and refiners of the country were somehow facing competition from cheaper imports. After examining the local price situation, An inter-ministerial group headed by Union minister Nitin Gadkari and the Economic Advisory Council to Prime Minister (EAC-PM) suggested the hike the import duties on edible oils and some oilseeds.

As per CBEC notification, import tariff rate of soya beans has also been increased from 30% to 45%. Import tax on crude soy oil was increased to 30% from 17.5%, while on refined soy oil it was raised to 35% from 20%.

The new rates after hike follows - Import duty on crude soyabean oil 30% (17.5), soyabean refined oil 30% (20%), palm crude oil 30% (15%), RBD palm oil 40% (25%), sunflower crude oil 25% (12.5%), sunflower refined oil 35% (20%), canola/rapeseed/mustard oil Crude 25% (12.5%), canola/rapeseed/mustard oil refined 35% (20%).