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6-month extension for concessional customs duty on imported edible oil; March 2023 is new deadline.

Date: 02-09-2022
Subject: 6-month extension for concessional customs duty on imported edible oil; March 2023 is new deadline
The concessional customs duty on edible oil imports has been extended by another 6 months, Finance ministry said today. The new deadline will now be March 2023.

The existing concessional import duties on specified edible oils will be extended up to March 31, 2023, the Central Board of Indirect Taxes and Customs (CBIC) said in a notification.

The move is aimed at increasing domestic supply and keeping prices under control.

"The current duty structure on crude palm oil, RBD Palmolein, RBD palm oil, crude soybean oil, refined soybean oil, crude sunflower oil and refined sunflower oil remains unchanged till March 31, 2023," Solvent Extractors' Association of India (SEA) said.

The import duty on crude varieties of palm oil, soyabean oil and sunflower oil is currently zero. However, after taking into account 5 per cent agri cess and 10 per cent social welfare cess , the effective duty on crude varieties of these three edible oils touches 5.5 per cent.

The basic customs duty on refined varities of palmolein and palm oil is 12.5 per cent, while social welfare cess is 10 per cent. So the effective duty is 13.75 per cent.

For refined soyabean and sunflower oil, the basic customs duty is 17.5 per cent and taking into account 10 per cent social welfare cess, the effective duty comes to 19.25 per cent.

Prices of edible oil have been on declining trend driven by fall in global prices. With falling global rates and lower import duties, retail prices of edible oils have fallen considerably in India.

However, the prices are still at uncomfortable level for common man. As per the data compiled by the Department of Consumer Affairs, the average retail price of groundnut oil stood at Rs 188.04 per kilogram, mustard oil (Rs 172.66/kg), Vanaspati (Rs 152.52/kg), Soyabean Oil (Rs 156/kg), Sunflower Oil (Rs 176.45/kg) and palm oil (Rs 132.94/kg) on September 1.

In the last few months, the food ministry had directed edible oil companies to pass on the benefits of fall in global prices to domestic consumers.

With edible oil prices ruling high throughout last year, the government had on multiple occasions cut import duty on palm oil to increase domestic availability.

India imports more than 60 per cent of its edible oil needs. Retail prices came under pressure in the last few months following a global price rise.

Source Name:-Economic Times

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