Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Govt plans extra tax on vegetable oil imports to boost domestic output: Sources.


Date: 26-08-2019
Subject: Govt plans extra tax on vegetable oil imports to boost domestic output: Sources
India plans to impose an extra 5 percent tax on vegetable oil imports within weeks and use the revenue to help boost the country's stagnating oilseed production, two government sources said.

India is the world's biggest importer of vegetable oils, buying nearly $10 billion worth a year, its biggest import after crude oil and gold.

The country's consumption of vegetable oils - including palm oil and soyoil - has trebled over the last 20 years as the population grew and incomes rose, while output has increased by less than a third.

Now, the government plans to create an oilseed fund by imposing the 5 percent surcharge, or cess, that will be used to help Indian farmers step up oilseed production, said the sources, who did not wish to be identified in line with government policy.

India currently imposes a 40 percent import tax on crude palm oil and 50 percent on refined palm oils. But shipments of refined palm oils from Malaysia have since January been taxed only at 45 percent, under an agreement with Malaysia.

That led to a surge in refined palm imports in the first seven months of 2019.

Those tax rates will officially remain the same, but all products will be subject to the planned 5 percent surcharge in addition.

India buys palm oils from Indonesia and Malaysia, soyoil from Latin America and sunflower oil from Black Sea nations.

India's overall vegetable oil imports rose 4.6percent to 11.3 million tonnes since the current oil marketing began in November 2018, according to the Solvent Extractors' Association of India, a leading trade body. Vegetable oil imports in July surged 26% to 1.41 million tonnes, the highest since May 2013.

India's edible oil imports are likely to rise 7.3 percent in 2019/20 to a record high as scanty monsoon rains in June and July could curtail crop yields of summer-sown oilseeds such as soybeans and groundnut, a leading industry official said last month.

A successful Indian push to raise oilseed production would drag on the international market for the commodity, hitting its main suppliers.

Source: moneycontrol.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: 06-06-2025
Notification No. 13/2025-Customs (ADD)
Seeks to impose Anti Dumping Duty on imports of ‘Insoluble Sulphur’ originating in or exported from China PR and Japan.

Date: 30-05-2025
Notification No. 31/2025-Customs
Seeks to i. extend the specified condition of exemption to imports of Yellow Peas (HS 0713 10 10) to bill of lading issued on or before 31.03.2026; ii. to reduce the basic custom duty on crude soya bean oil (HS Code 15071000), crude sunflower oil (HS Code 15121110), and crude palm oil (HS Code 15111000) from 20% to 10%

Date: 30-05-2025
Notification No. 38/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 26-05-2025
NOTIFICATION No. 37/2025-Customs (N.T.)
Notification of ICD Jalna, Maharashtra u/s. 7(1)(aa) of Customs Act, 1962" and it was issued under Section 7(1)(aa) of Customs Act, 1962

Date: 23-05-2025
Notification No. 30/2025-Customs
Seeks to amend notification No. 55/2022-Customs dated 31.10.2022 to remove the condition required for availing exemption on Bangalore Rose Onion.

Date: 23-05-2025
NOTIFICATION No. 36/2025 - Customs (N.T.)
Amendment in the Notification No. 63-1994-Customs (N.T) dated 21.11.1994 in respect of Land Customs Station, Raxaul

Date: 15-05-2025
Notification No. 34/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 09-05-2025
Notification No. 29/2025-Customs
Seeks to exempt works of art and antiques from Basic Customs Duty

Date: 30-04-2025
Notification No. 02/2025-Customs (CVD)
Seeks to amend Notification No. 05/2024-Customs (CVD) dated the 11th September, 2024 so as to align with changes made vide Finance Act, 2025

Date: 30-04-2025
Notification No. 26/2025-Customs
Seeks to rescind Notification No. 04/2025-Customs dated the 1st February, 2025



Exim Guru Copyright © 1999-2025 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 InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001