Wait...

Online Export Import Data Search

Complete Training Video : Click Here

Edible oil trade wants higher import duty.


Date: 13-04-2018
Subject: Edible oil trade wants higher import duty
PUNE: As India’s edible oil imports surge during the past six months, depressing prices of domestically produced mustard, soyabean and other soft oils and in turn cutting returns of farmers and processors, the industry has demanded substantial increase in import duty to curtail imports. 

The duty on two major edible oils, namely crude sunflower seed oil and crude canola/rapeseed/mustard is only 25 per cent, while crude soyabean oil attracts 30 per cent duty. 

Davish Jain, president, Soyabean Processors Association (SOPA) said: “The 5 per cent duty advantage on these two premium edible oils is totally unjustified as these are consumed by the affluent class who can bear the additional cost and do not compete with the major indigenously produced soyabean oil. It is requested that duty on these two oils should be levied at a rate higher than on soyabean oil.” 

Jain said that the price of sunflower and mustard oils has now become at par with or even lower than the soyabean oil, affecting sale of the latter and thus impacting the margins of the soyabean processors. SOPA has demanded that the duty on soyabean oil should be raised to the same level as palm oil; making it 44 per cent for crude and 54 per cent for refined soyabean oil. 

Sunflower oil is mainly coming from Ukraine while canola oil, used for mixing with mustard oil is coming from the EU. The edible oil industry representatives claimed that due to skewed duty structure, for the first time, India has become importer of cottonseed oil. Customs duty on refined cottonseed oil is only 20 per cent while it is 35 per cent on refined soybean oil and 40 per cent on refined palm oil. 

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 17-04-2018
Notification No. 21/2018-Customs (ADD)
seeks to extend the levy of anti-dumping duty, imposed on imports of Soda Ash originating in or exported from Russia and Turkey under Notification No. 8/2013-Customs (ADD), dated the 18.04.2013 for a further period of one year (i.e. 16.04.2019) or till the conclusion of the sunset review investigations initiated by the Designated Authority vide initiation notification No.7/4/2018-DGAD dated the 16th April, 2018, whichever is earlier.

Date: 16-04-2018
DGFT Notification No.02/2015-2020
Incorporatoin of new HS Codes for laying down import policy for Kabuli Chana, Bengal gram and Others under Exim Code 0713 of Chapter 07 of ITC (HS), 2017, Schedule - I (Import Policy).

Date: 16-04-2018
DGFT Notification No.03/2015-2020
Amendment in import policy conditions under Exim Code 9022 of Chapter 90 of ITC (HS), 2017, Schedule - I (Import Policy).

Date: 13-04-2018
Notification No.32/2018-Customs (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver.

Date: 12-04-2018
A.P. (DIR Series) Circular No.23
Liberalised Remittance Scheme (LRS) for Resident Individuals – daily reporting of transactions

Date: 11-04-2018
Trade Notice No- 2/2018-19
Launch of facility to check status of Importer Exporter Code (IEC) application made to DGFT

Date: 10-04-2018
Notification No. 43/2018-Customs
seeks to increase tariff rate of basic customs duty (BCD) on tariff items covered under tariff sub head 0404 10 ie. Whey and modified Whey, whether or not concentrated or containing added sugar or other sweetening matter, and under tariff item 0404 90 00 ie. Other Whey from present 30% to 40% by invoking section 8A (1) of the Customs Tariff Act, 1975.

Date: 10-04-2018
Notification No. 44/2018-Customs
seeks to amend notification No. 50/2017 Customs dated 30.06.2017 so as to maintain effective rate of BCD on Whey, concentrated, evaporated or condensed, liquid or semi-solid (0404 10 10) and Other Whey (0404 90 00) at 30%.

Date: 10-04-2018
Notification No. 20/2018-Customs (ADD)
seeks to impose definitive anti dumping duty on imports fishnet or fishing nets originating from China or Bangladesh.

Date: 06-04-2018
Customs Instruction No. 8/2018
Clarification regarding classification of Solar Panel/Module equipped with element.



Exim Guru Copyright © 1999-2018 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001